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Net Income/(Loss) Per Common Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Net Income/(Loss) Per Share
NOTE 9 – NET INCOME PER COMMON SHARE
Equivalent shares of 15 million and 20 million related to common stock options and common stock warrants outstanding at September 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 September 30
 
Nine Months Ended September 30
(In millions, except per share data)
 
2014
 
2013
 
2014
 
2013
Net income
 

$576

 

$189

 

$1,380

 

$918

Preferred dividends
 
(9
)
 
(9
)
 
(28
)
 
(28
)
Dividends and undistributed earnings allocated to unvested shares
 
(4
)
 
(1
)
 
(9
)
 
(6
)
Net income available to common shareholders
 

$563

 

$179

 

$1,343

 

$884

Average basic common shares
 
527

 
534

 
529

 
535

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock options
 
2

 
1

 
2

 
1

Restricted stock and warrants
 
4

 
4

 
4

 
3

Average diluted common shares
 
533

 
539

 
535

 
539

Net income per average common share - diluted
 

$1.06

 

$0.33

 

$2.51

 

$1.64

Net income per average common share - basic
 

$1.07

 

$0.33

 

$2.54

 

$1.65