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Earnings (Loss) Per Common Share
3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share
The following table presents a reconciliation of net income (loss) and shares used in calculating basic earnings (loss) per common share to those used in calculating diluted earnings (loss) per common share.
 
Three Months Ended March 31,
(In millions, except for per share data)
2014
2013
Earnings
 
 
Income (loss) from continuing operations
 
 
Income (loss) from continuing operations, net of tax
$
495

$
(240
)
Less: Preferred stock dividends

10

Income (loss) from continuing operations, net of tax, available to common shareholders
$
495

$
(250
)
Income (loss) from discontinued operations, net of tax
$

$
(1
)
Net income (loss)
 
 
Net income (loss)
$
495

$
(241
)
Less: Preferred stock dividends

10

Net income (loss) available to common shareholders
$
495

$
(251
)
Shares
 
 
Weighted average common shares outstanding, basic
449.8

436.3

Dilutive effect of warrants
22.6


Dilutive effect of stock compensation plans
6.2


Weighted average shares outstanding and dilutive potential common shares
478.6

436.3

Earnings (loss) per common share
 
 
Basic
 
 
Income (loss) from continuing operations, net of tax, available to common shareholders
$
1.10

$
(0.57
)
Income (loss) from discontinued operations, net of tax

(0.01
)
Net income (loss) available to common shareholders
$
1.10

$
(0.58
)
Diluted
 
 
Income (loss) from continuing operations, net of tax, available to common shareholders
$
1.03

$
(0.57
)
Income (loss) from discontinued operations, net of tax

(0.01
)
Net income (loss) available to common shareholders
$
1.03

$
(0.58
)

For the three months ended March 31, 2013, mandatory convertible preferred shares, along with the related dividend adjustment, of 21.2 million, would have been antidilutive to the earnings per share calculations. Assuming the impact of the mandatory convertible preferred shares was not antidilutive, weighted average common shares outstanding and dilutive potential common shares would have totaled 493.1 million for the three months ended March 31, 2013.
As a result of the losses available to common shareholders for the three months ended March 31, 2013, the Company was required to use basic weighted average common shares outstanding in the calculation of diluted loss per share, since the inclusion of shares for warrants of 31.7 million, stock compensation plans of 3.9 million and mandatory convertible preferred shares, along with the related dividend adjustment, of 21.2 million, would have been antidilutive to the earnings (loss) per share calculations. Had there been income available to common shareholders during the period, weighted average common shares outstanding and dilutive potential common shares would have totaled 493.1 million.