NET INCOME PER COMMON SHARE

12 Months Ended

Dec. 31, 2012

NET INCOME PER COMMON SHARE

10.           NET INCOME PER COMMON SHARE

The following table presents a reconciliation of net income and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2012, 2011, and 2010.

	For the years ended (amounts in thousands)
	December 31, 2012		December 31, 2011		December 31, 2010
Net income	$	1,735,900	$	344,461	$	1,267,280
Less: Preferred stock dividends		39,530		16,854		18,033
Net income (loss) available to common shareholders, prior to   adjustment for dilutive potential common shares, if necessary		1,696,370		327,607		1,249,247
Add: Preferred Series B dividends, if dilutive		-		-		3,440
Add:  Interest on Convertible Senior Notes, if dilutive		27,843		-		21,333
Net income available to common shareholders, as adjusted	$	1,724,213	$	327,607	$	1,274,020
Weighted average shares of common stock   outstanding-basic		972,902		874,212		588,193
Add:  Effect of dilutive stock options, Series B Preferred Stock and Convertible Senior Notes, if dilutive		32,853		307		37,114
Weighted average shares of common  stock outstanding-diluted		1,005,755		874,519		625,307

Options to purchase 2,756,000 shares of common stock were outstanding and considered anti-dilutive as their exercise price and option expense exceeded the average stock price for the year ended December 31, 2012. Options to purchase 572,000 shares of common stock, were outstanding and considered anti-dilutive as their exercise price and option expense exceeded the average stock price for the year ended December 31, 2011. Options to purchase 565,000 shares of common stock, were outstanding and considered anti-dilutive as their exercise price and option expense exceeded the average stock price for the year ended December 31, 2010.