Net Income/(Loss) Per Common Share

6 Months Ended

Jun. 30, 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 June 30, 2016 and 2015, respectively, were excluded from the computations of diluted net income per average common share because they would have been anti-dilutive. On April 1, 2016, the Company early adopted ASU 2016-09, which provides improvements to employee share-based payment accounting, with an effective date of January 1, 2016. The early adoption favorably impacted both basic and diluted EPS by $0.01 and $0.02 per share for the three and six months ended June 30, 2016, respectively. See Note 1, "Significant Accounting Policies," for additional information.

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 June 30						Six Months Ended June 30
(Dollars and shares in millions, except per share data)	2016			2015			2016			2015
Net income		$492			$483			$939			$912
Preferred dividends	(17		)	(15		)	(33		)	(32		)
Dividends and undistributed earnings allocated to unvested shares	—			(1		)	—			(3		)
Net income available to common shareholders		$475			$467			$906			$877
Average basic common shares	501			517			503			519
Effect of dilutive securities:
Stock options	2			1			2			2
Restricted stock, RSUs, and warrants	3			4			3			4
Average diluted common shares	506			522			508			525
Net income per average common share - diluted		$0.94			$0.89			$1.78			$1.67
Net income per average common share - basic	0.95			0.90			1.80			1.69