Net income (loss) per common share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share Text Block

Note 29 – Net income(loss) 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 nine months ended September 30,2014and 2013:

		Quarters ended September 30,				Nine months ended September 30,
(In thousands, except per share information)		2014		2013		2014		2013
Net income (loss) from continuing operations		$	32,815	$	225,513	$	(230,266)	$	407,640
Net income (loss) from discontinued operations			29,758		3,622		(132,066)		28,656
Preferred stock dividends			(930)		(931)		(2,792)		(2,792)
Deemed dividend on preferred stock			-		-		-		-
Net income (loss) applicable to common stock		$	61,643	$	228,204	$	(365,124)	$	433,504
Average common shares outstanding			102,953,328		102,714,262		102,845,402		102,666,570
Average potential dilutive common shares			199,588		303,181		-		348,104
Average common shares outstanding -
	assuming dilution		103,152,916		103,017,443		102,845,402		103,014,674
Basic EPS from continuing operations		$	0.31	$	2.18	$	(2.27)	$	3.94
Basic EPS from discontinued operations		$	0.29	$	0.04	$	(1.28)	$	0.28
Total Basic EPS		$	0.60	$	2.22	$	(3.55)	$	4.22
Diluted EPS from continuing operations		$	0.31	$	2.18	$	(2.27)	$	3.93
Diluted EPS from discontinued operations		$	0.29	$	0.04	$	(1.28)	$	0.28
Total Diluted EPS		$	0.60	$	2.22	$	(3.55)	$	4.21

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 nine months ended September 30,2014, there were 44,797and 45,343weighted average antidilutive stock options outstanding, respectively (September 30,2013– 101,755 and 103,047).For the nine months endedSeptember 30,2014, the Corporation has 510,449 unvested restricted stocksoutstanding that were antidilutive.