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Net Income/(Loss) Per Common Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Net Income/(Loss) Per Share
NOTE 12 – NET INCOME PER COMMON SHARE
Equivalent shares of 18 million, 23 million, and 26 million related to common stock options and common stock warrants outstanding at December 31, 2013, 2012, and 2011, respectively, were excluded from the computations of diluted net 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.
 
Year Ended December 31
(In millions, except per share data)
2013
 
2012
 
2011
Net income

$1,344

 

$1,958

 

$647

Preferred dividends
(37
)
 
(12
)
 
(7
)
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
(10
)
 
(15
)
 
(5
)
Net income available to common shareholders

$1,297

 

$1,931

 

$495

Average basic common shares
534

 
534

 
524

Effect of dilutive securities:
 
 
 
 
 
Stock options
1

 
1

 
2

Restricted stock and warrants
4

 
3

 
2

Average diluted common shares
539

 
538

 
528

Net income per average common share - diluted

$2.41

 

$3.59

 

$0.94

Net income per average common share - basic

$2.43

 

$3.62

 

$0.94