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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share  
Earnings Per Share [Text Block]

Note 4 — Earnings Per Share (“EPS”)

 

Basic and diluted earnings per share were computed as follows:

       

   Effect of   
(Dollars in millions, except per share amounts)BasicDilutionDiluted
Three Months Ended June 30,      
2012      
Shareholders' net income $ 380  $ 380
Shares (in thousands):      
Weighted average  285,690    285,690
Common stock equivalents    4,857  4,857
Total shares  285,690  4,857  290,547
EPS$ 1.33$ (0.02)$ 1.31
2011      
Shareholders' net income $ 391  $ 391
Shares (in thousands):      
Weighted average  268,557    268,557
Common stock equivalents    4,176  4,176
Total shares  268,557  4,176  272,733
EPS$ 1.46$ (0.03)$ 1.43

   Effect of   
(Dollars in millions, except per share amounts)BasicDilutionDiluted
Six Months Ended June 30,      
2012      
Shareholders' net income $ 751  $ 751
Shares (in thousands):      
Weighted average  285,425    285,425
Common stock equivalents    4,348  4,348
Total shares  285,425  4,348  289,773
EPS$ 2.63$(0.04)$ 2.59
2011      
Shareholders' net income $ 804  $ 804
Shares (in thousands):      
Weighted average  269,464    269,464
Common stock equivalents    3,836  3,836
Total shares  269,464  3,836  273,300
EPS$ 2.98$ (0.04)$ 2.94

In 2012, the Company adopted, as required, amended accounting guidance for deferred acquisition costs by selecting retrospective adjustment of prior periods. See Note 2 for the effect of this new guidance on previously reported EPS amounts.

 

The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect would have increased diluted earnings per share (antidilutive) as their exercise price was greater than the average share price of the Company's common stock for the period.

 

 Three Months Ended Six Months Ended
 June 30, June 30,
(In millions)20122011 20122011
Antidilutive options2.42.9 3.13.5

The Company held 77,780,090 shares of common stock in Treasury as of June 30, 2012, and 80,740,132 shares as of June 30, 2011.