Net Income Per Common Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Net Income/(Loss) Per Share

NOTE 10 – NET INCOME PER COMMON SHARE

Equivalent shares of less than 1 million and 8 million related to common stock options and common stock warrants outstanding at March 31, 2017 and 2016, 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 in the following table.

	Three Months Ended March 31
(Dollars and shares in millions, except per share data)	2017			2016
Net income		$468			$447
Preferred dividends	(17		)	(17		)
Dividends and undistributed earnings allocated to unvested shares	—			—
Net income available to common shareholders		$451			$430
Average basic common shares	490			505
Effect of dilutive securities:
Stock options	1			2
Restricted stock, RSUs, and warrants	5			3
Average diluted common shares	496			510
Net income per average common share - diluted		$0.91			$0.84
Net income per average common share - basic	0.92			0.85