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Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 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 June 30,
(Dollars in millions, except per share amounts)
2016

2015
Net income
$
619

 
$
418

Less:
 
 
 
Preferred stock dividends
(33
)
 
(29
)
Dividends and undistributed earnings allocated to participating securities(1)
(1
)
 
—

Net income available to common shareholders
$
585

 
$
389

Average common shares outstanding (in thousands):
 
 
 
Basic average common shares
394,160

 
410,674

Effect of dilutive securities: common stock options and common stock awards
4,687

 
6,038

Diluted average common shares
398,847

 
416,712

Anti-dilutive securities(2)
3,277

 
619

Earnings per Common Share:
 
 
 
Basic
$
1.48

 
$
0.95

Diluted(3)
1.47

 
0.93

 
 
 
 
 
Six Months Ended June 30,
(Dollars in millions, except per share amounts)
2016
 
2015
Net income
$
987

 
$
823

Less:
 
 
 
Preferred stock dividends
(82
)
 
(60
)
Dividends and undistributed earnings allocated to participating securities(1)
(1
)
 
(1
)
Net income available to common shareholders
$
904

 
$
762

Average common shares outstanding (in thousands):
 
 
 
Basic average common shares
396,790

 
411,445

Effect of dilutive securities: common stock options and common stock awards
4,323

 
6,198

Diluted average common shares
401,113

 
417,643

Anti-dilutive securities(2)
3,426

 
704

Earnings per Common Share:
 
 
 
Basic
$
2.28

 
$
1.85

Diluted(3)
2.25

 
1.83

 
 

(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.