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Net Income/(Loss) Per Common Share
9 Months Ended
Sep. 30, 2011
Net Income/(Loss) Per Share
NOTE 7 – NET INCOME/(LOSS) PER COMMON SHARE
Equivalent shares of 27 million and 32 million related to common stock options and common stock warrants outstanding as of September 30, 2011 and 2010, respectively, were excluded from the computations of diluted income/(loss) per average common share because they would have been anti-dilutive. Further, for EPS calculation purposes, during the nine months ended September 30, 2010, the impact of dilutive securities was excluded from the diluted share count because the Company recognized a net loss available to common shareholders and the impact would have been anti-dilutive.
A reconciliation of the difference between average basic common shares outstanding and average diluted common shares outstanding for the three and nine months ended September 30, 2011 and 2010 is included below. Additionally, included below is a reconciliation of net income to net income/(loss) available to common shareholders. 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(In millions, except per share data)
2011
 
2010
 
2011
 
2010
Net income

$215

 

$153

 

$573

 

$5

Series A preferred dividends
(2
)
 
(2
)
 
(5
)
 
(6
)
Dividends and accretion of discount on U.S. Treasury preferred stock
—

 
(67
)
 
(66
)
 
(200
)
Accelerated accretion for repurchase of U.S. Treasury preferred stock
—

 
—

 
(74
)
 
—

Dividends and undistributed earnings allocated to unvested shares
(2
)
 
—

 
(4
)
 
—

Net income/(loss) available to common shareholders

$211

 

$84

 

$424

 

($201
)
Average basic common shares
532

 
496

 
521

 
495

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options
1

 
1

 
2

 
1

Restricted stock
2

 
2

 
2

 
2

Average diluted common shares
535

 
499

 
525

 
498

Net income/(loss) per average common share - diluted

$0.39

 

$0.17

 

$0.81

 

($0.41
)
Net income/(loss) per average common share - basic

$0.40

 

$0.17

 

$0.81

 

($0.41
)