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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Common Share
NOTE 11—EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic and diluted earnings per common share:
Table 11.1: Computation of Basic and Diluted Earnings per Common Share
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars and shares in millions, except per share data)
 
2015
 
2014
 
2015
 
2014
Basic earnings
 
 
 
 
 
 
 
 
Income from continuing operations, net of tax
 
$
1,118

 
$
1,125

 
$
3,104

 
$
3,453

(Loss) income from discontinued operations, net of tax
 
(4
)
 
(44
)
 
26

 
(24
)
Net income
 
1,114

 
1,081

 
3,130

 
3,429

Dividends and undistributed earnings allocated to participating securities(1)
 
(6
)
 
(5
)
 
(16
)
 
(14
)
Preferred stock dividends
 
(29
)
 
(20
)
 
(90
)
 
(46
)
Net income available to common stockholders
 
$
1,079

 
$
1,056

 
$
3,024

 
$
3,369

 
 
 
 
 
 
 
 
 
Net income from continuing operations per share
 
$
2.01

 
$
1.97

 
$
5.49

 
$
5.99

(Loss) income from discontinued operations per share
 
(0.01
)
 
(0.08
)
 
0.05

 
(0.04
)
Net income per share
 
$
2.00

 
$
1.89

 
$
5.54

 
$
5.95

Total weighted-average basic shares outstanding
 
540.6

 
559.9

 
545.5

 
566.1

 
 
 
 
 
 
 
 
 
Diluted earnings(2)
 
 
 
 
 
 
 
 
Net income available to common stockholders
 
$
1,079

 
$
1,056

 
$
3,024

 
$
3,369

Net income from continuing operations per share
 
$
1.99

 
$
1.94

 
$
5.43

 
$
5.90

(Loss) income from discontinued operations per share
 
(0.01
)
 
(0.08
)
 
0.05

 
(0.04
)
Net income per diluted share
 
$
1.98

 
$
1.86

 
$
5.48

 
$
5.86

 
 
 
 
 
 
 
 
 
Total weighted-average basic shares outstanding
 
540.6

 
559.9

 
545.5

 
566.1

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock options
 
2.5

 
2.8

 
2.6

 
2.7

Other contingently issuable shares
 
1.2

 
1.6

 
1.3

 
1.5

Warrants(3)
 
2.0

 
3.6

 
2.5

 
4.9

Total effect of dilutive securities
 
5.7

 
8.0

 
6.4

 
9.1

Total weighted-average diluted shares outstanding
 
546.3

 
567.9

 
551.9

 
575.2

__________
(1) 
Includes undistributed earnings allocated to participating securities using the two-class method under the accounting guidance for computing earnings per share.
(2) 
Excluded from the computation of diluted earnings per share were 1.6 million shares related to options with exercise prices ranging from $74.96 to $88.81, and 1.8 million shares related to options with exercise prices ranging from $70.96 to $88.81 for the three and nine months ended September 30, 2015, respectively, and 2.3 million shares related to options with exercise prices ranging from $70.96 to $88.81, and 3.2 million shares related to options with exercise prices ranging from $70.96 to $88.81 for the three and nine months ended September 30, 2014, respectively, because their inclusion would be anti-dilutive.
(3) 
Represents warrants issued as part of the U.S. Department of Treasury’s Troubled Assets Relief Program (“TARP”). As of September 30, 2015, there were 4.1 million warrants to purchase common stock outstanding, which represents approximately one-third of the warrants issued in the initial offering.