The following table sets forth the computation of net income (loss) per common share (“EPS”), basic and diluted, for the quarters and six months ended June 30, 2011 and 2010:


	Quarter ended June 30,						Six months ended June 30,
(In thousands, except per share information)	2011			2010			2011			2010
Net income (loss)	$	110,685		$	(44,489	)	$	120,817		$	(129,544	)
Preferred stock dividends		(931	)		—			(1,861	)		—
Deemed dividend on preferred stock^[1]		—			(191,667	)		—			(191,667	)

Net income (loss) applicable to common stock	$	109,754		$	(236,156	)	$	118,956		$	(321,211	)

Average common shares outstanding		1,021,225,911			853,010,208			1,021,380,199			746,598,082
Average potential dilutive common shares		670,230			—			1,162,996			—

Average common shares outstanding - assuming dilution		1,021,896,141			853,010,208			1,022,543,195			746,598,082

Basic and dilutive EPS	$	0.11		$	(0.28	)	$	0.12		$	(0.43	)

[1]

Non-cash beneficial conversion, resulting from the conversion of contingently convertible perpetual non-cumulative preferred stock into shares of the Corporation’s common stock. The beneficial conversion was recorded as a deemed dividend to the preferred stockholders reducing retained earnings, with a corresponding offset to surplus (paid in capital), and thus did not affect total stockholders’ equity or the book value of the common stock.