Earnings Per Share

6 Months Ended

Jun. 30, 2015

Note 9 – Earnings Per Share

The following table provides reconciliations of net income to net income available to common shareholders and the difference between average basic common shares outstanding and average diluted common shares outstanding:
	Three Months Ended				Six Months Ended
	June 30				June 30
(Dollars and shares in thousands, except per share data)	2015		2014		2015		2014
Net income/(loss)	$	54,957	$	81,929	$	(17,448)	$	131,908
Net income attributable to noncontrolling interest		2,851		2,859		5,609		5,672
Net income/(loss) attributable to controlling interest		52,106		79,070		(23,057)		126,236
Preferred stock dividends		1,550		1,550		3,100		3,100
Net income/(loss) available to common shareholders	$	50,556	$	77,520	$	(26,157)	$	123,136

Weighted average common shares outstanding - basic		232,800		235,797		232,808		235,492
Effect of dilutive securities		1,869		1,453		-		1,833
Weighted average common shares outstanding - diluted		234,669		237,250		232,808		237,325

Net income/(loss) per share available to common shareholders	$	0.22	$	0.33	$	(0.11)	$	0.52
Diluted income/(loss) per share available to common shareholders	$	0.22	$	0.33	$	(0.11)	$	0.52

Certain previously reported amounts have been revised to reflect the retroactive effect of the adoption of ASU 2014-01,"Equity Method and Joint Venture: Accounting for Investments in Qualified Affordable Housing Projects." See Note 1 - Financial Information for additional information.

For the three months ended June 30, 2015, the dilutive effect for all potential common shares was 1.9 million. For the six months ended June 30, 2015 all potential common shares were antidilutive due to the net loss attributable to common shareholders. The dilutive effect for all potential common shares was 1.5 million and 1.8 million for the three and six months ended June 30, 2014, respectfully. Stock options of 3.6 million and 5.6 million with weighted average exercise prices of $24.26 and $21.17 per share for the three months ended June 30, 2015 and 2014, respectively, were excluded from diluted shares because including such shares would be antidilutive. Stock options of 7.8 million and 4.8 million with weighted average exercise prices of $17.17 and $24.26 per share for the six months ended June 30, 2015 and 2014, respectfully, were also excluded from diluted shares. Other equity awards of 2.2 million for the six months ended June 30, 2015, were excluded from diluted shares because including such shares would have been antidilutive.