Net income per common share

6 Months Ended

Jun. 30, 2012

Notes to Financial Statements [Abstract]

Earnings Per Share Text Block

Note 24 – Net income per common share

The following table sets forth the computation of net income per common share (“EPS”), basic and diluted, for the quarters and six months ended June 30,2012and 2011:

		Quarter ended June 30,				Six months ended June 30,
(In thousands, except per share information)		2012		2011		2012		2011
Net income		$	65,739	$	110,685	$	114,147	$	120,817
Preferred stock dividends			(930)		(931)		(1,861)		(1,861)
Net income applicable to common stock		$	64,809	$	109,754	$	112,286	$	118,956
Average common shares outstanding			102,295,113		102,122,591		102,318,459		102,138,020
Average potential dilutive common shares			115,505		67,023		161,071		116,300
Average common shares outstanding -
	assuming dilution		102,410,618		102,189,614		102,479,530		102,254,320
Basic and dilutive EPS		$	0.63	$	1.07	$	1.10	$	1.16

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 and six months ended June 30,2012, there were 166,215and 167,215weighted average antidilutive stock options outstanding, respectively (June 30,2011– 210,303 and 211,228).Additionally, the Corporation has outstanding a warrant issued to the U.S. Treasury to purchase 2,093,284 shares of common stock, which hadan antidilutive effect at June 30,2012.