NOTE 8—Earnings
(Loss) per Common Share
The
following table sets forth the computation of basic earnings (loss)
per common share and diluted earnings (loss) per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30 |
|
|
Six Months Ended
June 30 |
|
| |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
| |
|
(In millions, except per share amounts) |
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$ |
351 |
|
|
$ |
79 |
|
|
$ |
590 |
|
|
$ |
129 |
|
|
Less: Preferred stock
dividends and accretion
|
|
|
(71 |
) |
|
|
(54 |
) |
|
|
(125 |
) |
|
|
(106 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations available to common shareholders
|
|
|
280 |
|
|
|
25 |
|
|
|
465 |
|
|
|
23 |
|
|
Income (loss) from
discontinued operations, net of tax
|
|
|
4 |
|
|
|
30 |
|
|
|
(36 |
) |
|
|
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
|
$ |
284 |
|
|
$ |
55 |
|
|
$ |
429 |
|
|
$ |
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding—basic
|
|
|
1,414 |
|
|
|
1,258 |
|
|
|
1,348 |
|
|
|
1,257 |
|
|
Potential common
shares
|
|
|
4 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding—diluted
|
|
|
1,418 |
|
|
|
1,260 |
|
|
|
1,350 |
|
|
|
1,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
from continuing operations (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.20 |
|
|
$ |
0.02 |
|
|
$ |
0.34 |
|
|
$ |
0.02 |
|
|
Diluted
|
|
|
0.20 |
|
|
|
0.02 |
|
|
|
0.34 |
|
|
|
0.02 |
|
|
Earnings (loss) per common
share from discontinued operations (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.00 |
|
|
|
0.02 |
|
|
|
(0.03 |
) |
|
|
0.04 |
|
|
Diluted
|
|
|
0.00 |
|
|
|
0.02 |
|
|
|
(0.03 |
) |
|
|
0.04 |
|
|
Earnings per common share
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.20 |
|
|
|
0.04 |
|
|
|
0.32 |
|
|
|
0.06 |
|
|
Diluted
|
|
|
0.20 |
|
|
|
0.04 |
|
|
|
0.32 |
|
|
|
0.06 |
|
| (1) |
Certain per share amounts may not appear to reconcile due to
rounding.
|
The
effect from the assumed exercise of 39 million stock options
for both the three months and six months ended June 30, 2012
was not included in the above computations of diluted earnings per
common share because such amounts would have had an antidilutive
effect on earnings per common share. The effect from the assumed
exercise of 41 million and 42 million stock options for
the three months and six months ended June 30, 2011,
respectively, was not included in the above computations of diluted
earnings per share because such amounts would have had an
antidilutive effect on earnings per share.
|