Earnings Per Common Share (Tables)

12 Months Ended

Dec. 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 years indicated:

	Years Ended December 31,
(Dollars in millions, except per share amounts)	2016			2015			2014
Net income	$	2,143		$	1,980		$	2,022
Less:
Preferred stock dividends	(173		)	(130		)	(61		)
Dividends and undistributed earnings allocated to participating securities(1)	(2		)	(2		)	(3		)
Net income available to common shareholders	$	1,968		$	1,848		$	1,958
Average common shares outstanding (In thousands):
Basic average common shares	391,485			407,856			424,223
Effect of dilutive securities: common stock options and common stock awards	4,605			5,782			7,784
Diluted average common shares	396,090			413,638			432,007
Anti-dilutive securities(2)	2,143			661			1,498
Earnings per Common Share:
Basic	$	5.03		$	4.53		$	4.62
Diluted(3)	4.97			4.47			4.53

⁽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. Refer to Note 18 for additional information about equity-based awards.

⁽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.