Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share

Note 17: 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 years ended December 31, 2012, 2011 and 2010, there were 3,402,805, 3,797,548, and 4,526,442, 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 years ended December 31, 2012, 2011 and 2010:

	Years Ended December 31,
$ in millions except share and per share amounts	2012		2011		2010
Net income (loss)	$	1,234	$	(1,319)	$	53
Basic weighted average shares (1)		193,842,435		197,019,968		202,421,433
Effect of common stock equivalents:
Stock options		1,062,395		—		599,701
Diluted weighted average shares		194,904,830		197,019,968		203,021,134
Net income (loss) per common share:
Basic	$	6.36	$	(6.69)	$	0.26
Diluted	$	6.33	$	(6.69)	$	0.26

(1)—Includes 5,514,523, 5,080,742 and 5,325,428 of unvested restricted stock and units that receive nonforfeitable dividends or dividend equivalents for the years ended December 31, 2012, 2011 and 2010, respectively.