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Net Income/(Loss) Per Common Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Net Income/(Loss) Per Share
NOTE 7 – NET INCOME PER COMMON SHARE
Equivalent shares of 26 million and 32 million related to common stock options and common stock warrants outstanding as of March 31, 2012 and 2011, respectively, were excluded from the computations of diluted income per average common share because they 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 months ended March 31, 2012 and 2011 is included below. Additionally, included below is a reconciliation of net income to net income available to common shareholders. 
 
 
Three Months Ended March 31
(In millions, except per share data)
 
2012
 
2011
Net income
 

$250

 

$180

Preferred dividends
 
(3
)
 
(2
)
Dividends and accretion of discount on preferred stock issued to the U.S. Treasury
 
—

 
(66
)
Accretion associated with repurchase of preferred stock issued to the U.S. Treasury
 
—

 
(74
)
Dividends and undistributed earnings allocated to unvested shares
 
(2
)
 
—

Net income available to common shareholders
 

$245

 

$38

Average basic common shares
 
533

 
500

Effect of dilutive securities:
 
 
 
 
Stock options
 
1

 
1

Restricted stock
 
2

 
3

Average diluted common shares
 
536

 
504

Net income per average common share - diluted
 

$0.46

 

$0.08

Net income per average common share - basic
 

$0.46

 

$0.08