Net income per common share

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements [Abstract]

Earnings Per Share Text Block

Note 23 – Net income per common share

The following table sets forth the computation of net income per common share (“EPS”), basic and diluted, for the quartersended March 31,2012and 2011:

		Quarters ended March 31,
(In thousands, except per share information)		2012		2011
Net income (loss)	$	48,408	$	10,132
Preferred stock dividends		(931)		(930)
Net income (loss) applicable to common stock	$	47,477	$	9,202
Average common shares outstanding		1,023,418,052		1,021,536,201
Average potential dilutive common shares		1,526,948		802,894
Average common shares outstanding - assuming dilution		1,024,945,000		1,022,339,095
Basic and dilutive EPS	$	0.05	$	0.01

Potential common shares consist of common stock issuable under the assumed exercise of stock options and restricted stock awards using the treasury stock method. This method assumes that the potential common shares are issued and the proceeds from exercise, in addition to the amount of compensation cost attributed to future services, are used to purchase common stock at the exercise date. The difference between the number of potential shares issued and the shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Warrants, stock options, and restricted stock awards that result in lower potential shares issued than shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect in earnings per common share.

For the quarter ended March 31,2012, there were 1,682,158 weighted average antidilutive stock options outstanding (March 31,2011– 2,121,618). Additionally, the Corporation has outstanding a warrant issued to the U.S. Treasury to purchase 20,932,836 shares of common stock, which have an antidilutive effect at March 31,2012 and 2011.