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Earnings Per Common Share
 6 Months Ended
Jun. 30, 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 June 30,
 
Six Months Ended June 30,
(Dollars in millions, except per share amounts)
2013
 
2012
 
2013
 
2012
Net income
$
579

 
$
490

 
$
1,043

 
$
917

Less:
 
 
 
 
 
 
 
Preferred stock dividends
(6
)
 
(7
)
 
(13
)
 
(14
)
Dividends and undistributed earnings allocated to participating securities(1)
(2
)
 
(3
)
 
(4
)
 
(6
)
Net income available to common shareholders
$
571

 
$
480

 
$
1,026

 
$
897

 
 
 
 
 
 
 
 
Average common shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic average common shares
452,176

 
481,404

 
453,240

 
483,165

Effect of dilutive securities: common stock options and common stock awards
8,864

 
7,114

 
8,390

 
5,980

Diluted average common shares
461,040

 
488,518

 
461,630

 
489,145

Anti-dilutive securities(2)
2,330

 
5,525

 
2,409

 
5,678

 
 
 
 
 
 
 
 
Earnings per Common Share:
 
 
 
 
 
 
 
Basic
$
1.26

 
$
1.00

 
$
2.26

 
$
1.86

Diluted
1.24

 
.98

 
2.22

 
1.83

 
 
 
(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.