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Earnings Per Common Share
 9 Months Ended
Sep. 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 September 30,
 
Nine Months Ended September 30,
(Dollars in millions, except per share amounts)
2013
 
2012
 
2013
 
2012
Net income
$
540

 
$
674

 
$
1,583

 
$
1,591

Less:
 
 
 
 
 
 
 
Preferred stock dividends
(7
)
 
(15
)
 
(20
)
 
(29
)
Dividends and undistributed earnings allocated to participating securities(1)
(2
)
 
(5
)
 
(6
)
 
(11
)
Net income available to common shareholders
$
531

 
$
654

 
$
1,557

 
$
1,551

 
 
 
 
 
 
 
 
Average common shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic average common shares
442,860

 
472,355

 
449,742

 
479,536

Effect of dilutive securities: common stock options and common stock awards
9,294

 
7,655

 
8,650

 
6,277

Diluted average common shares
452,154

 
480,010

 
458,392

 
485,813

Anti-dilutive securities(2)
1,788

 
5,443

 
2,384

 
5,613

 
 
 
 
 
 
 
 
Earnings per Common Share:
 
 
 
 
 
 
 
Basic
$
1.20

 
$
1.39

 
$
3.46

 
$
3.23

Diluted
1.17

 
1.36

 
3.40

 
3.19

 
 
 
(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.