Earnings per Common Share

3 Months Ended

Mar. 31, 2012

Earnings per Common Share

Earnings per Common Share

(7)   Earnings per Common Share

        Basic and diluted earnings per common share were calculated as follows:

	Three Months Ended March 31,
	2012			2011
	(Dollars in millions, except per share amounts shares in thousands)
Income (Numerator):
Net income	$	200			211
Earnings applicable to non-vested restricted stock		—			(2	)
Net income applicable to common stock for computing basic earnings per common share		200			209
Net income as adjusted for purposes of computing diluted earnings per common share	$	200			209
Shares (Denominator):
Weighted average number of shares:
Outstanding during period		619,740			305,384
Non-vested restricted stock		(2,544	)		(2,009	)
Non-vested restricted stock units		1,012			457
Weighted average shares outstanding for computing basic earnings per common share		618,208			303,832
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities		13			13
Shares issuable under incentive compensation plans		2,129			634
Number of shares as adjusted for purposes of computing diluted earnings per common share		620,350			304,479
Earnings per common share:
Basic	$	.32			.69
Diluted	$	.32			.69

        Our calculations of diluted earnings per common share exclude shares of common stock that are issuable upon exercise of stock options when the exercise price is greater than the average market price of our common stock during the period. Such potentially issuable shares totaled 1.3 million and 1.7 million for the three months ended 2012 and 2011, respectively.