| Earnings Per Common Share |
NOTE 11—EARNINGS PER COMMON
SHARE
The following table sets
forth the computation of basic and diluted earnings per common
share:
Table 11.1: Computation
of Basic and Diluted Earnings per Common Share
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(Dollars and shares in
millions, except per share data)
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2013 |
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2012 |
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2013 |
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2012 |
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Basic earnings per
share
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Income from continuing
operations, net of tax
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$ |
1,130 |
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$ |
1,188 |
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$ |
3,510 |
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$ |
2,886 |
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Loss from discontinued
operations, net of tax
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(13 |
) |
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(10 |
) |
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(210 |
) |
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(212 |
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Net income
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1,117 |
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1,178 |
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3,300 |
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2,674 |
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Dividends and undistributed
earnings allocated to participating securities(1)
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(5 |
) |
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(5 |
) |
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(14 |
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(12 |
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Preferred stock
dividends
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(13 |
) |
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0 |
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(39 |
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0 |
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Net income available to
common stockholders
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$ |
1,099 |
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$ |
1,173 |
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$ |
3,247 |
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$ |
2,662 |
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Total weighted-average
basic shares outstanding
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582.3 |
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578.3 |
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581.4 |
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555.0 |
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Net income per
share
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$ |
1.89 |
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$ |
2.03 |
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$ |
5.58 |
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$ |
4.80 |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(Dollars and shares in
millions, except per share data)
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2013 |
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2012 |
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2013 |
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2012 |
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Diluted earnings per
share(2)
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Net income available to
common stockholders
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$ |
1,099 |
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$ |
1,173 |
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$ |
3,247 |
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$ |
2,662 |
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Total weighted-average
basic shares outstanding
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582.3 |
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578.3 |
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581.4 |
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555.0 |
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Stock options, warrants,
contingently issuable shares, and other
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8.8 |
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5.8 |
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7.6 |
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5.1 |
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Total weighted-average
diluted shares outstanding
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591.1 |
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584.1 |
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589.0 |
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560.1 |
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Net income per
share
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$ |
1.86 |
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$ |
2.01 |
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$ |
5.51 |
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$ |
4.75 |
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| (1) |
Includes undistributed earnings allocated to participating
securities using the two-class method under the accounting guidance
for computing earnings per share.
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| (2) |
Excluded from the computation of diluted earnings per share was
5 million and 6 million of awards, options or warrants,
for the three months ended September 30, 2013 and 2012,
respectively, and 6 million and 7 million of awards,
options or warrants, for the nine months ended September 30,
2013 and 2012, respectively, because their inclusion would be
anti-dilutive.
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