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Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following tables present the computation of basic and diluted earnings per common share for the periods indicated:
 
Three Months Ended June 30,
(Dollars in millions, except per share amounts)
2014
 
2013
Net income
$
622

 
$
579

Less:
 
 
 
Preferred stock dividends
(19
)
 
(6
)
Dividends and undistributed earnings allocated to participating securities(1)
(1
)
 
(2
)
Net income available to common shareholders
$
602

 
$
571

Average common shares outstanding (in thousands):
 
 
 
Basic average common shares
427,824

 
452,176

Effect of dilutive securities: common stock options and common stock awards
7,496

 
8,864

Diluted average common shares
435,320

 
461,040

Anti-dilutive securities(2)
1,508

 
2,330

Earnings per Common Share:
 
 
 
Basic
$
1.41

 
$
1.26

Diluted(3)
1.38

 
1.24

 
Six Months Ended June 30,
(Dollars in millions, except per share amounts)
2014
 
2013
Net income
$
985

 
$
1,043

Less:
 
 
 
Preferred stock dividends
(25
)
 
(13
)
Dividends and undistributed earnings allocated to participating securities(1)
(2
)
 
(4
)
Net income available to common shareholders
$
958

 
$
1,026

Average common shares outstanding (in thousands):
 
 
 
Basic average common shares
429,215

 
453,240

Effect of dilutive securities: common stock options and common stock awards
7,743

 
8,390

Diluted average common shares
436,958

 
461,630

Anti-dilutive securities(2)
1,506

 
2,409

Earnings per Common Share:
 
 
 
Basic
$
2.23

 
$
2.26

Diluted(3)
2.19

 
2.22

 
 

(1) Represented the portion of net income available to common equity allocated to participating securities, composed of fully vested deferred director stock and unvested restricted stock that 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 common shares, because their effect was anti-dilutive.
(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method.