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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share
The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(Dollars in millions, except per share amounts)
2012
 
2011
 
2012
 
2011
Net income
$
490

 
$
513

 
$
917

 
$
984

Less:
 
 
 
 
 
 
 
Preferred stock dividends
(7
)
 
(7
)
 
(14
)
 
(7
)
Dividends and undistributed earnings allocated to participating securities(1)
(3
)
 
(4
)
 
(6
)
 
(9
)
Net income available to common shareholders
$
480

 
$
502

 
$
897

 
$
968

 
 
 
 
 
 
 
 
Average common shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic average common shares
481,404

 
496,806

 
483,165

 
497,137

Effect of dilutive securities: common stock options and common stock awards
7,114

 
4,238

 
5,980

 
3,616

Diluted average common shares
488,518

 
501,044

 
489,145

 
500,753

Anti-dilutive securities(2)
5,525

 
1,434

 
5,678

 
1,155

 
 
 
 
 
 
 
 
Earnings per Common Share:
 
 
 
 
 
 
 
Basic
$
1.00

 
$
1.01

 
$
1.86

 
$
1.95

Diluted(3)
.98

 
1.00

 
1.83

 
1.93

 
 
 
 
(1) 
Represented the portion of net income available to common equity allocated to participating securities; participating securities, composed of unvested restricted stock and director stock, have non-forfeitable rights to dividends during the vesting period on a basis equivalent to dividends paid to common shareholders.
(2) 
Represented common stock options and other equity-based awards outstanding but not included in the computation of diluted average shares because their effect was anti-dilutive.
(3) 
Calculations reflect the allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the calculation using the treasury stock method.