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Net Income/(Loss) Per Common Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Net Income/(Loss) Per Share
NOTE 8 – NET INCOME PER COMMON SHARE
Equivalent shares of 21 million and 26 million related to common stock options and common stock warrants outstanding at June 30, 2013 and 2012, respectively, were excluded from the computations of diluted income per average common share because they would have been anti-dilutive.
Reconciliations of net income to net income available to common shareholders and the difference between average basic common shares outstanding and average diluted common shares outstanding are included below.
 
 
Three Months Ended June 30
 
Six Months Ended June 30
(In millions, except per share data)
 
2013
 
2012
 
2013
 
2012
Net income
 

$377

 

$275

 

$729

 

$525

Preferred dividends
 
(9
)
 
(3
)
 
(18
)
 
(6
)
Dividends and undistributed earnings allocated to unvested shares
 
(3
)
 
(2
)
 
(6
)
 
(4
)
Net income available to common shareholders
 

$365

 

$270

 

$705

 

$515

Average basic common shares
 
535

 
534

 
535

 
534

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock options
 
2

 
1

 
2

 
1

Restricted stock
 
3

 
2

 
3

 
2

Average diluted common shares
 
540

 
537

 
540

 
537

Net income per average common share - diluted
 

$0.68

 

$0.50

 

$1.31

 

$0.96

Net income per average common share - basic
 

$0.68

 

$0.51

 

$1.32

 

$0.97