Earnings Per Share

3 Months Ended

Mar. 31, 2020

22. Earnings Per Share

The following table provides the calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share:


	2020						2019
For the three months ended March 31, (in millions, except per share data)	Income		Average Shares		Per Share Amount		Income		Average Shares		Per Share Amount
Earnings Per Share:
Net income available to common shareholders	$	29					$	760
Less: Income allocated to participating securities		1						8
Net income allocated to common shareholders	$	28		714	$	0.04	$	752		661	$	1.14
Earnings Per Diluted Share:
Net income available to common shareholders	$	29					$	760
Effect of dilutive securities:
Stock-based awards		-		6				-		10
Net income available to common shareholders		29						760
plus assumed conversions
Less: Income allocated to participating securities		1						8
Net income allocated to common shareholders plus assumed conversions	$	28		720	$	0.04	$	752		671	$	1.12

Shares are excluded from the computation of earnings per diluted share when their inclusion has an anti-dilutive effect on earnings per share. The diluted earnings per share computation for both the three months ended March 31, 2020 and 2019 excludes 3 million of SARs and an immaterial amount of stock options because their inclusion would have been anti-dilutive.

The diluted earnings per share computation for the three months ended March 31, 2019 excludes the impact of the forward contract related to the March 27, 2019 accelerated share repurchase transaction. Based upon the average daily volume weighted-average price of the Bancorp’s common stock during the first quarter of 2019, the counterparty to the transaction would have been required to deliver additional shares for the settlement of the forward contract as of March 31, 2019, and thus the impact of the forward contract related to the accelerated share repurchase transaction would have been anti-dilutive to earnings per share.