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Earnings per common share (Tables)
 12 Months Ended
Dec. 31, 2012
Computations of Basic Earnings Per Common Share

The computations of basic earnings per common share follow:

 

     Year Ended December 31  
     2012     2011     2010  
     (In thousands, except per share)  

Income available to common shareholders:

       

Net income

    $ 1,029,498      $ 859,479      $ 736,161   

Less: Preferred stock dividends(a)

      (53,450 )      (45,839 )      (40,225 ) 

Amortization of preferred stock discount(a)

      (8,026 )      (20,018 )      (10,518 ) 
  

 

 

    

 

 

    

 

 

  

Net income available to common equity

      968,022        793,622        685,418   

Less: Income attributable to unvested stock-based compensation awards

      (14,632 )      (11,879 )      (9,592 ) 
  

 

 

    

 

 

    

 

 

  

Net income available to common shareholders

    $ 953,390      $ 781,743      $ 675,826   

Weighted-average shares outstanding:

       

Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards

      127,793        124,524        119,852   

Less: Unvested stock-based compensation awards

      (1,929 )      (1,861 )      (1,661 ) 
  

 

 

    

 

 

    

 

 

  

Weighted-average shares outstanding

      125,864        122,663        118,191   

Basic earnings per common share

    $ 7.57      $ 6.37      $ 5.72   

 

(a) Including impact of not as yet declared cumulative dividends.
Computations of Diluted Earnings Per Common Share

The computations of diluted earnings per common share follow:

 

     Year Ended December 31  
     2012     2011     2010  
     (In thousands, except per share)  

Net income available to common equity

    $ 968,022      $ 793,622      $ 685,418   

Less: Income attributable to unvested stock-based compensation awards

      (14,593 )      (11,857 )      (9,565 ) 
  

 

 

    

 

 

    

 

 

  

Net income available to common shareholders

    $ 953,429      $ 781,765      $ 675,853   

Adjusted weighted-average shares outstanding:

       

Common and unvested stock-based compensation awards

      127,793        124,524        119,852   

Less: Unvested stock-based compensation awards

      (1,929 )      (1,861 )      (1,661 ) 

Plus: Incremental shares from assumed conversion of stock-based compensation awards and convertible preferred stock

      541        416        652   
  

 

 

    

 

 

    

 

 

  

Adjusted weighted-average shares outstanding

      126,405        123,079        118,843   

Diluted earnings per common share

    $ 7.54      $ 6.35      $ 5.69