Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per 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)	2016			2015
Net income	$	368		$	405
Less:
Preferred stock dividends	(49		)	(31		)
Dividends and undistributed earnings allocated to participating securities(1)	—			(1		)
Net income available to common shareholders	$	319		$	373
Average common shares outstanding (in thousands):
Basic average common shares	399,421			412,225
Effect of dilutive securities: common stock options and common stock awards	4,194			6,525
Diluted average common shares	403,615			418,750
Anti-dilutive securities(2)	3,920			791
Earnings per Common Share:
Basic	$	.80		$	.90
Diluted(3)	.79			.89

⁽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.