Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 23.     Earnings Per Common Share

The following table presents the computation of basic and diluted earnings per common share for the years ended December 31:

(Dollars in millions, except per share amounts)	2011			2010			2009
Net income before extraordinary loss	$	1,920		$	1,556		$	1,803
Less:
Prepayment and accretion of preferred stock discount		—			—			(117	)
Preferred stock dividends		(20	)		—			(46	)
Dividends and undistributed earnings allocated to participating securities(1)		(18	)		(16	)		—
Net income before extraordinary loss available to common shareholders	$	1,882		$	1,540		$	1,640
Average shares outstanding (in thousands):
Basic average shares		492,598			495,394			470,602
Effect of dilutive securities: stock options and stock awards		3,474			2,530			3,401
Diluted average shares		496,072			497,924			474,003
Anti-dilutive securities(2)		2,382			10,316			12,904
Earnings per common share before extraordinary loss:
Basic	$	3.82		$	3.11		$	3.50
Diluted(3)		3.79			3.09			3.46

⁽¹⁾  Represented the portion of net income available to common equity allocated to participating securities; participating securities, composed of unvested restricted stock and director stock, have non-forfeitable rights to dividends during the vesting period on a basis equivalent to dividends paid to common shareholders.

⁽²⁾ Represented stock options, restricted stock and other securities outstanding but not included in the computation of diluted average shares because their effect was anti-dilutive.

⁽³⁾ Calculations for 2011 and 2010 reflected the allocation of earnings to participating securities using the two-class method, as this computation was more dilutive than the calculation using the treasury stock method.