Net income (loss) per common share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share Text Block

Note 29 – Net(loss) income per common share

The following table sets forth the computation of net (loss) income per common share (“EPS”), basic and diluted, for the quarters and six months ended June 30,2014and 2013:

		Quarter ended June 30,				Six months ended June 30,
(In thousands, except per share information)		2014		2013		2014		2013
Net (loss) income from continuing operations		$	(329,585)	$	312,170	$	(263,081)	$	182,127
Net (loss) income from discontinued operations			(181,729)		15,298		(161,824)		25,034
Preferred stock dividends			(931)		(931)		(1,862)		(1,861)
Deemed dividend on preferred stock			-		-		-		-
Net (loss) income applicable to common stock		$	(512,245)	$	326,537	$	(426,767)	$	205,300
Average common shares outstanding			102,781,438		102,620,295		102,790,545		102,642,329
Average potential dilutive common shares			-		297,052		-		315,407
Average common shares outstanding -
	assuming dilution		102,781,438		102,917,347		102,790,545		102,957,736
Basic EPS from continuing operations		$	(3.21)	$	3.03	$	(2.58)	$	1.76
Basic EPS from discontinued operations		$	(1.77)	$	0.15	$	(1.57)	$	0.24
Total Basic EPS		$	(4.98)	$	3.18	$	(4.15)	$	2.00
Diluted EPS from continuing operations		$	(3.21)	$	3.02	$	(2.58)	$	1.75
Diluted EPS from discontinued operations		$	(1.77)	$	0.15	$	(1.57)	$	0.24
Total Diluted EPS		$	(4.98)	$	3.17	$	(4.15)	$	1.99

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 30,2014, there were 44,797and 45,621weighted average antidilutive stock options outstanding, respectively (June 30,2013– 103,291 and 104,266).Additionally, as of June 30, 2014, the Corporation had outstanding a warrant issued to the U.S. Treasury to purchase 2,093,284 shares of common stock, which hadan antidilutive effect at June 30,2014. As discussed in Note 21, Stockholder's Equity, this warrant was repurchased on July 23, 2014. Alsofor the quarter and six months endedJune 30,2014, the Corporation has 518,976 unvested restricted stocksoutstanding that were antidilutive.