|
| | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(In millions, except for per share data) | 2014 | 2013 | | 2014 | 2013 |
Earnings | | | | | |
Income from continuing operations | | | | | |
Income from continuing operations, net of tax | $ | 150 |
| $ | 233 |
| | $ | 616 |
| $ | 476 |
|
Less: Preferred stock dividends | — |
| — |
| | — |
| 10 |
|
Income from continuing operations, net of tax, available to common shareholders | $ | 150 |
| $ | 233 |
| | $ | 616 |
| $ | 466 |
|
Add: Dilutive effect of preferred stock dividends | — |
| — |
| | — |
| 10 |
|
Income from continuing operations, net of tax, available to common shareholders and assumed conversion of preferred shares | $ | 150 |
| $ | 233 |
| | $ | 616 |
| $ | 476 |
|
Loss from discontinued operations, net of tax | $ | (617 | ) | $ | (423 | ) | | $ | (588 | ) | $ | (907 | ) |
Net income (loss) | | | | | |
Net income (loss) | $ | (467 | ) | $ | (190 | ) | | $ | 28 |
| $ | (431 | ) |
Less: Preferred stock dividends | — |
| — |
| | — |
| 10 |
|
Net income (loss) available to common shareholders | $ | (467 | ) | $ | (190 | ) | | $ | 28 |
| $ | (441 | ) |
Add: Dilutive effect of preferred stock dividends | — |
| — |
| | — |
| 10 |
|
Net income (loss) available to common shareholders and assumed conversion of preferred shares | $ | (467 | ) | $ | (190 | ) | | $ | 28 |
| $ | (431 | ) |
Shares | | | | | |
Weighted average common shares outstanding, basic | 450.6 |
| 451.4 |
| | 450.2 |
| 443.8 |
|
Dilutive effect of warrants | 11.0 |
| 33.4 |
| | 16.9 |
| 32.6 |
|
Dilutive effect of stock compensation plans | 6.3 |
| 4.2 |
| | 6.2 |
| 4.0 |
|
Dilutive effect of mandatory convertible preferred shares | — |
| — |
| | — |
| 12.4 |
|
Weighted average shares outstanding and dilutive potential common shares | 467.9 |
| 489.0 |
| | 473.3 |
| 492.8 |
|
Earnings (loss) per common share | | | | | |
Basic | | | | | |
Income from continuing operations, net of tax, available to common shareholders | $ | 0.33 |
| $ | 0.52 |
| | $ | 1.37 |
| $ | 1.05 |
|
Loss from discontinued operations, net of tax | (1.37 | ) | (0.94 | ) | | (1.31 | ) | (2.04 | ) |
Net income (loss) available to common shareholders | $ | (1.04 | ) | $ | (0.42 | ) | | $ | 0.06 |
| $ | (0.99 | ) |
Diluted | | | | | |
Income from continuing operations, net of tax, available to common shareholders | $ | 0.32 |
| $ | 0.48 |
| | $ | 1.30 |
| $ | 0.97 |
|
Loss from discontinued operations, net of tax | (1.32 | ) | (0.87 | ) | | (1.24 | ) | (1.84 | ) |
Net income (loss) available to common shareholders | $ | (1.00 | ) | $ | (0.39 | ) | | $ | 0.06 |
| $ | (0.87 | ) |