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Net Income/(Loss) Per Common Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Net Income/(Loss) Per Share
NOTE 9 – NET INCOME PER COMMON SHARE
Equivalent shares of 16 million and 21 million related to common stock options and common stock warrants outstanding at June 30, 2014 and 2013, 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.
 
 
Three Months Ended June 30
 
Six Months Ended June 30
(In millions, except per share data)
 
2014
 
2013
 
2014
 
2013
Net income
 

$399

 

$377

 

$804

 

$729

Preferred dividends
 
(9
)
 
(9
)
 
(19
)
 
(18
)
Dividends and undistributed earnings allocated to unvested shares
 
(3
)
 
(3
)
 
(5
)
 
(6
)
Net income available to common shareholders
 

$387

 

$365

 

$780

 

$705

Average basic common shares
 
530

 
535

 
530

 
535

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock options
 
1

 
2

 
2

 
2

Restricted stock and warrants
 
4

 
3

 
4

 
3

Average diluted common shares
 
535

 
540

 
536

 
540

Net income per average common share - diluted
 

$0.72

 

$0.68

 

$1.45

 

$1.31

Net income per average common share - basic
 

$0.73

 

$0.68

 

$1.47

 

$1.32