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Earnings Per Common Share
 6 Months Ended
Jun. 30, 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 June 30,
 
Six months ended June 30,
($ in millions except per share data)
 
2012
 
2011
 
2012
 
2011
Net (loss) income from continuing operations
 
$
(864
)
 
$
108

 
$
(562
)
 
$
277

Preferred stock dividends — U.S. Department of Treasury
 
(134
)
 
(134
)
 
(267
)
 
(267
)
Preferred stock dividends
 
(67
)
 
(57
)
 
(134
)
 
(127
)
Impact of preferred stock amendment (a)
 
—

 
—

 
—

 
32

Net loss from continuing operations attributable to common shareholders (b)
 
(1,065
)
 
(83
)
 
(963
)
 
(85
)
(Loss) income from discontinued operations, net of tax
 
(34
)
 
5

 
(26
)
 
(18
)
Net loss attributable to common shareholders
 
$
(1,099
)
 
$
(78
)
 
$
(989
)
 
$
(103
)
Basic weighted-average common shares outstanding
 
1,330,970

 
1,330,970

 
1,330,970

 
1,330,970

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

 
1,330,970

 
1,330,970

 
1,330,970

Basic earnings per common share
 
 
 
 
 
 
 
 
Net loss from continuing operations
 
$
(800
)
 
$
(62
)
 
$
(723
)
 
$
(64
)
(Loss) income from discontinued operations, net of tax
 
(25
)
 
4

 
(20
)
 
(14
)
Net loss
 
$
(825
)
 
$
(58
)
 
$
(743
)
 
$
(78
)
Diluted earnings per common share (b)
 
 
 
 
 
 
 
 
Net loss from continuing operations
 
$
(800
)
 
$
(62
)
 
$
(723
)
 
$
(64
)
(Loss) income from discontinued operations, net of tax
 
(25
)
 
4

 
(20
)
 
(14
)
Net loss
 
$
(825
)
 
$
(58
)
 
$
(743
)
 
$
(78
)
(a)
Refer to Note 20 to the Consolidated Financial Statements in our 2011 Annual Report on Form 10-K for further detail.
(b)
Due to the antidilutive effect of converting the Fixed Rate Cumulative Mandatorily Convertible Preferred Stock into common shares and the net loss attributable to common shareholders for the three months and six months ended June 30, 2012, and 2011, respectively, 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 and six months ended June 30, 2012 and 2011, respectively, 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 and six months ended June 30, 2012, and 2011, respectively.