Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share

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 reflects 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 June 30, 2012 and 2011, there were 3,410,173 and 3,803,310, respectively, of stock options outstanding that were not included in the diluted earnings per share calculation because they were antidilutive. For the six months ended June 30, 2012 and 2011, there were 3,484,609 and 3,815,395, 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 six months ended June 30, 2012 and 2011:

	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions except share and per share amounts	2012		2011		2012		2011
Net income (loss)	$	581	$	137	$	591	$	(1,138)
Basic weighted average shares(1)		193,926,953		199,295,797		193,700,328		199,602,865
Effect of common stock equivalents:
Stock options		1,014,280		768,882		1,063,289		-
Diluted weighted average shares		194,941,233		200,064,679		194,763,617		199,602,865
Net income (loss) per common share:
Basic	$	2.99	$	0.69	$	3.05	$	(5.70)
Diluted	$	2.98	$	0.68	$	3.03	$	(5.70)

(1) - Includes 5,597,797 and 5,035,256 of unvested restricted stock and units that receive nonforfeitable dividends or dividend equivalents for the three months ended June 30, 2012 and 2011, respectively. Includes 5,400,564 and 5,102,013 of unvested restricted stock and units that receive nonforfeitable dividends or dividend equivalents for the six months ended June 30, 2012 and 2011, respectively.