Net income (loss) per common share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share Text Block

Note 31 – Net income per common share

The following table sets forth the computation of net (loss) income per common share (“EPS”), basic and diluted, for the quarters and six months ended June 30,2015and 2014:

		Quarter ended June 30,				Six months ended June 30,
(In thousands, except per share information)		2015		2014		2015		2014
Net income (loss) from continuing operations		$	597,437	$	(329,585)	$	670,922	$	(263,081)
Net income (loss) from discontinued operations			15		(181,729)		1,356		(161,824)
Preferred stock dividends			(931)		(931)		(1,861)		(1,862)
Deemed dividend on preferred stock			-		-		-		-
Net income (loss) applicable to common stock		$	596,521	$	(512,245)	$	670,417	$	(426,767)
Average common shares outstanding			102,859,591		102,781,438		102,899,537		102,790,545
Average potential dilutive common shares			243,127		-		213,743		-
Average common shares outstanding -
	assuming dilution		103,102,718		102,781,438		103,113,280		102,790,545
Basic EPS from continuing operations		$	5.80	$	(3.21)	$	6.51	$	(2.58)
Basic EPS from discontinued operations		$	―	$	(1.77)	$	0.01	$	(1.57)
Total Basic EPS		$	5.80	$	(4.98)	$	6.52	$	(4.15)
Diluted EPS from continuing operations		$	5.79	$	(3.21)	$	6.49	$	(2.58)
Diluted EPS from discontinued operations		$	―	$	(1.77)	$	0.01	$	(1.57)
Total Diluted EPS		$	5.79	$	(4.98)	$	6.50	$	(4.15)

Potential common shares consist of common stock issuable under the assumed exercise of stock options, restricted stock and performance shares 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, restricted stock and performance shares 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 30,2015, there were no stock options outstanding (June 30,2014– 44,797 and 45,621).