The following table presents the calculation of basic and diluted earnings per common share.



Year ended December 31, ($ in millions except per share data)	2012			2011			2010
Net income (loss) from continuing operations	$	529		$	(1,002	)	$	288
Preferred stock dividends — U.S. Department of Treasury	(535		)	(534		)	(963		)
Preferred stock dividends	(267		)	(260		)	(282		)
Impact of preferred stock conversion or amendment (a)	—			32			(616		)
Net loss from continuing operations attributable to common shareholders (b)	(273		)	(1,764		)	(1,573		)
Income from discontinued operations, net of tax	667			845			741
Net income (loss) attributable to common shareholders	$	394		$	(919	)	$	(832	)
Basic weighted-average common shares outstanding	1,330,970			1,330,970			800,597
Diluted weighted-average common shares outstanding (b)	1,330,970			1,330,970			800,597
Basic earnings per common share
Net loss from continuing operations	$	(205	)	$	(1,326	)	$	(1,965	)
Income from discontinued operations, net of tax	501			635			926
Net income (loss)	$	296		$	(691	)	$	(1,039	)
Diluted earnings per common share (b)
Net loss from continuing operations	$	(205	)	$	(1,326	)	$	(1,965	)
Income from discontinued operations, net of tax	501			635			926
Net income (loss)	$	296		$	(691	)	$	(1,039	)


(a)	Refer to Note 18 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 from continuing operations attributable to common shareholders for 2012, 2011, and 2010, respectively, loss from continuing operations attributable to common shareholders and basic weighted-average common shares outstanding were used to calculate basic and diluted earnings per share.