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Earnings Per Common Share (EPS)
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Common Share (EPS)

11. Earnings Per Common Share (EPS)

The computations of basic and diluted EPS were as follows:

      Three Months Ended Six Months Ended
      June 30, June 30,
(Millions, except per share amounts) 2012  2011 2012  2011
Numerator:            
 Basic and diluted:            
  Income from continuing operations $1,339 $1,295 $2,595 $2,472
  Earnings allocated to participating share awards(a)  (14)  (15)  (28)  (30)
  Income from discontinued operations, net of tax   ―  36   ―  36
  Net income attributable to common shareholders $1,325 $1,316 $2,567 $2,478
Denominator:(a)            
 Basic: Weighted-average common stock  1,145  1,190  1,151  1,190
 Add: Weighted-average stock options (b)  7  7  7  7
 Diluted  1,152  1,197  1,158  1,197
                 
Basic EPS:            
 Income from continuing operations attributable to common            
  shareholders $1.16 $1.08 $2.23 $2.05
 Income from discontinued operations   ―   0.03   ―   0.03
 Net income attributable to common shareholders $1.16 $1.11 $2.23 $2.08
Diluted EPS:            
 Income from continuing operations attributable to common            
  shareholders $1.15 $1.07 $2.22 $2.04
 Income from discontinued operations   ―   0.03   ―   0.03
 Net income attributable to common shareholders $1.15 $1.10 $2.22 $2.07

(a)       The Company's unvested restricted stock awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.

(b)       For both the three and six months ended June 30, 2012, the dilutive effect of unexercised stock options excludes 8 million options, from the computation of EPS because inclusion of the options would have been anti-dilutive. For the three and six months ended June 30, 2011, the dilutive effect of unexercised stock options excludes 19 million and 20 million options, respectively, from the computation of EPS because inclusion of the options would have been anti-dilutive.

 

For the three and six months ended June 30, 2012 and 2011, the Company met specified performance measures related to the Subordinated Debentures of $750 million issued in 2006, which resulted in no impact to EPS. If the performance measures were not achieved in any given quarter, the Company would be required to issue common shares and apply the proceeds to make interest payments.