Earnings Per Share

9 Months Ended

Sep. 30, 2011

Note 12: Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilutive effect of all stock options and other items outstanding during the period that could potentially result in the issuance of common stock. For the three months ended September 30, 2011 and 2010, there were 3,783,574 and 4,246,007, respectively, of stock options outstanding that were not included in the diluted earnings per share calculation because they were antidilutive. For the nine months ended September 30, 2011 and 2010, there were 3,804,671 and 5,369,606, respectively, of stock options outstanding that were not included in the diluted earnings per share calculation because they were antidilutive.

The following table presents the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2011 and 2010:


	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions except share and per share amounts	2011		2010		2011		2010
Net income (loss)	$	444	$	(213)	$	(693)	$	(398)
Basic weighted average shares⁽¹⁾		195,612,615		200,529,483		198,262,715		203,239,935
Effect of common stock equivalents:
Stock options		734,887		-		-		-

Diluted weighted average shares		196,347,502		200,529,483		198,262,715		203,239,935

Net income (loss) per common share:
Basic	$	2.27	$	(1.06)	$	(3.50)	$	(1.96)

Diluted	$	2.26	$	(1.06)	$	(3.50)	$	(1.96)

(1) - Includes 5,038,788 and 5,288,205 of unvested restricted stock and units that receive nonforfeitable dividends or dividend equivalents for the three months ended September 30, 2011 and 2010, respectively. Includes 5,085,256 and 5,364,012 of unvested restricted stock and units that receive nonforfeitable dividends or dividend equivalents for the nine months ended September 30, 2011 and 2010, respectively.