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Earnings per Common Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Earnings per Common Share
Earnings per Common Share
The following table presents the calculation of basic and diluted earnings per common share.
 
 
Three months ended March 31,
($ in millions except per share data)
 
2012
 
2011
Net income from continuing operations
 
$
302

 
$
169

Preferred stock dividends — U.S. Department of Treasury
 
(134
)
 
(134
)
Preferred stock dividends
 
(67
)
 
(69
)
Impact of preferred stock amendment
 
—

 
32

Net income (loss) from continuing operations attributable to common shareholders (a)
 
101

 
(2
)
Income (loss) from discontinued operations, net of tax
 
8

 
(23
)
Net income (loss) attributable to common shareholders
 
$
109

 
$
(25
)
Basic weighted-average common shares outstanding
 
1,330,970

 
1,330,970

Diluted weighted-average common shares outstanding (a)
 
1,330,970

 
1,330,970

Basic earnings per common share
 
 
 
 
Net income (loss) from continuing operations
 
$
76

 
$
(2
)
Income (loss) from discontinued operations, net of tax
 
6

 
(17
)
Net income (loss)
 
$
82

 
$
(19
)
Diluted earnings per common share (a)
 
 
 
 
Net income (loss) from continuing operations
 
$
76

 
$
(2
)
Income (loss) from discontinued operations, net of tax
 
6

 
(17
)
Net income (loss)
 
$
82

 
$
(19
)
(a)
Due to the antidilutive effect of converting the Fixed Rate Cumulative Mandatorily Convertible Preferred Stock into common shares and the net income (loss) attributable to common shareholders for the three months ended March 31, 2012, and 2011, income (loss) attributable to common shareholders and basic weighted-average common shares outstanding were used to calculate basic and diluted earnings per share.
The effects of converting the outstanding Fixed Rate Cumulative Mandatorily Convertible Preferred Stock into common shares are not included in the diluted earnings per share calculation for the three months ended March 31, 2012 and 2011, as the effects would be antidilutive for those periods. As such, 574 thousand of potential common shares were excluded from the diluted earnings per share calculation for the three months ended March 31, 2012, and 2011, respectively.