Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31,
(Dollars in millions, except per share amounts)	2015			2014
Net income	$	409		$	363
Less:
Preferred stock dividends	(31		)	(6		)
Dividends and undistributed earnings allocated to participating securities(1)	(1		)	(1		)
Net income available to common shareholders	$	377		$	356
Average common shares outstanding (in thousands):
Basic average common shares	412,225			430,621
Effect of dilutive securities: common stock options and common stock awards	6,525			8,194
Diluted average common shares	418,750			438,815
Anti-dilutive securities(2)	791			1,504
Earnings per Common Share:
Basic	$	.91		$	.83
Diluted(3)	.90			.81

⁽¹⁾ Represents 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⁾ Represents 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.