Net income (loss) per common share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share Text Block

Note 26 – Net income per common share

The following table sets forth the computation of net income per common share (“EPS”), basic and diluted, for the quarters and six months ended June 30,2013and 2012:

		Quarter ended June 30,				Six months ended June 30,
(In thousands, except per share information)		2013		2012		2013		2012
Net income		$	327,468	$	65,739	$	207,161	$	114,147
Preferred stock dividends			(931)		(930)		(1,861)		(1,861)
Net income applicable to common stock		$	326,537	$	64,809	$	205,300	$	112,286
Average common shares outstanding			102,620,295		102,295,113		102,642,329		102,318,459
Average potential dilutive common shares			297,052		115,505		315,407		161,071
Average common shares outstanding -
	assuming dilution		102,917,347		102,410,618		102,957,736		102,479,530
Basic EPS		$	3.18	$	0.63	$	2.00	$	1.10
Diluted EPS		$	3.17	$	0.63	$	1.99	$	1.10

Potential common shares consist of common stock issuable under the assumed exercise of stock options and restricted stock awards using the treasury stock method. This method assumes that the potential common shares are issued and the proceeds from exercise, in addition to the amount of compensation cost attributed to future services, are used to purchase common stock at the exercise date. The difference between the number of potential shares issued and the shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Warrants, stock options, and restricted stock awards that result in lower potential shares issued than shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect in earnings per common share.

For the quarter and six months ended June 30,2013, there were 103,291and 104,266weighted average antidilutive stock options outstanding, respectively (June 30,2012– 166,215 and 167,215).Additionally, the Corporation has outstanding a warrant issued to the U.S. Treasury to purchase 2,093,284 shares of common stock, which hadan antidilutive effect at June 30,2013.