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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
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

 

     Three Months Ended September 30,     Nine Months Ended September 30,  

(Dollars and shares in millions, except per share data)

            2013                     2012                     2013                     2012          

Basic earnings per share

         

Income from continuing operations, net of tax

    $ 1,130      $ 1,188      $ 3,510      $ 2,886   

Loss from discontinued operations, net of tax

      (13 )      (10 )      (210 )      (212 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

      1,117        1,178        3,300        2,674   

Dividends and undistributed earnings allocated to participating securities(1)

      (5 )      (5 )      (14 )      (12 ) 

Preferred stock dividends

      (13 )      0        (39 )      0   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income available to common stockholders

    $ 1,099      $ 1,173      $ 3,247      $ 2,662   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total weighted-average basic shares outstanding

      582.3        578.3        581.4        555.0   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income per share

    $ 1.89      $ 2.03      $ 5.58      $ 4.80   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

     Three Months Ended September 30,      Nine Months Ended September 30,  

(Dollars and shares in millions, except per share data)

            2013                      2012                      2013                      2012          

Diluted earnings per share(2)

            

Net income available to common stockholders

    $ 1,099       $ 1,173       $ 3,247       $ 2,662   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total weighted-average basic shares outstanding

      582.3         578.3         581.4         555.0   

Stock options, warrants, contingently issuable shares, and other

      8.8         5.8         7.6         5.1   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total weighted-average diluted shares outstanding

      591.1         584.1         589.0         560.1   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income per share

    $ 1.86       $ 2.01       $ 5.51       $ 4.75   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)

Includes undistributed earnings allocated to participating securities using the two-class method under the accounting guidance for computing earnings per share.
(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.