Net Income/(Loss) Per Common Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Net Income/(Loss) Per Share

NOTE 9 – NET INCOME PER COMMON SHARE

Equivalent shares of 8 million and 14 million related to common stock options and common stock warrants outstanding at March 31, 2016 and 2015, 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 presented below.

	Three Months Ended March 31
(Dollars and shares in millions, except per share data)	2016			2015
Net income		$447			$429
Preferred dividends	(17		)	(17		)
Dividends and undistributed earnings allocated to unvested shares	—			(1		)
Net income available to common shareholders		$430			$411
Average basic common shares	505			521
Effect of dilutive securities:
Stock options	2			2
Restricted stock, RSUs, and warrants	3			4
Average diluted common shares	510			527
Net income per average common share - diluted		$0.84			$0.78
Net income per average common share - basic		$0.85			$0.79