Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity

Note 14 – Stockholders’ Equity

Preferred Stock. The Corporation is authorized to issue 10.0 million shares of preferred stock without par value. The Board of Directors of the Corporation is authorized to fix the particular preferences, rights, qualifications and restrictions for each series of preferred stock issued. There was no preferred stock outstanding at December 31, 2012 or 2011.

Common Stock. The Corporation’s current share buyback program authorization was increased to 10.0 million shares in March 2012. Under the Corporation’s current share buyback program, the Corporation may purchase an additional 6.8 million shares after December 31, 2012. The repurchased shares would be used for general purposes of the Corporation, including management of the Corporation’s capital level and the issuance of shares under stock option and other incentive plans of the Corporation.

The average price paid per share for common stock repurchased in 2012, 2011, and 2010 was $46.32, $49.63, and $52.33, respectively.

Under the Corporation’s capital plan, which was submitted in January 2012 and reviewed without objection by the Federal Reserve in March 2012, the Corporation may repurchase up to $77.1 million of common stock after December 31, 2012 through March 2013. The Corporation submitted its most recent capital plan to the Federal Reserve Board in January 2013.

An analysis of changes in the number of shares of common stock outstanding follows:

	2012			2011			2010
Balance at January 1		241,008,509			242,268,903			241,679,942
Incentive Plan and Awards		449,463			189,793			300,376
Stock Options Exercised		973,270			149,385			419,846
Treasury Stock Purchased		(3,516,254	)		(1,599,572	)		(131,261	)
Balance at December 31		238,914,988			241,008,509			242,268,903