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Net Income/(Loss) Per Common Share
9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Net Income/(Loss) Per Share
NOTE 7 – NET INCOME PER COMMON SHARE
Equivalent shares of 24 million and 27 million related to common stock options and common stock warrants outstanding as of September 30, 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 and nine months ended September 30, 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 September 30
 
Nine Months Ended September 30
(In millions, except per share data)
 
2012
 
2011
 
2012
 
2011
Net income
 

$1,077

 

$215

 

$1,602

 

$573

Preferred dividends
 
(2
)
 
(2
)
 
(8
)
 
(5
)
Dividends and accretion of discount on preferred stock issued to the U.S. Treasury
 

 

 

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

 

 

 
(74
)
Dividends and undistributed earnings allocated to unvested shares
 
(9
)
 
(2
)
 
(13
)
 
(4
)
Net income available to common shareholders
 

$1,066

 

$211

 

$1,581

 

$424

Average basic common shares
 
535

 
532

 
534

 
521

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock options
 
1

 
1

 
1

 
2

Restricted stock
 
3

 
2

 
3

 
2

Average diluted common shares
 
539

 
535

 
538

 
525

Net income per average common share - diluted
 

$1.98

 

$0.39

 

$2.94

 

$0.81

Net income per average common share - basic
 

$1.99

 

$0.40

 

$2.96

 

$0.81