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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2013
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 March 31,
(Dollars in millions, except per share amounts)
2013
 
2012
Net income
$
464

 
$
427

Less:
 
 
 
Preferred stock dividends
(7
)
 
(7
)
Dividends and undistributed earnings allocated to participating securities(1)
(2
)
 
(3
)
Net income available to common shareholders
$
455

 
$
417

 
 
 
 
Average common shares outstanding (in thousands):
 
 
 
Basic average common shares
454,315

 
484,942

Effect of dilutive securities: common stock options and common stock awards
8,436

 
5,512

Diluted average common shares
462,751

 
490,454

Anti-dilutive securities(2)
2,488

 
1,470

 
 
 
 
Earnings per Common Share:
 
 
 
Basic
$
1.00

 
$
.86

Diluted
.98

 
.85

______________________________
(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 awards, contain 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.