| Basic and diluted earnings loss per share |
The calculation of basic and diluted earnings per share for the three and nine-month periods ended September 30, 2018 and 2017 was as follows:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
(dollar amounts in millions, share amounts in thousands) |
2018 |
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2017 |
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2018 |
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2017 |
Basic earnings per common share: |
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Net income |
$ |
378 |
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$ |
275 |
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$ |
1,059 |
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$ |
754 |
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Preferred stock dividends |
(18 |
) |
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(19 |
) |
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(51 |
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(57 |
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Net income available to common shareholders |
$ |
360 |
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$ |
256 |
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$ |
1,008 |
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$ |
697 |
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Average common shares issued and outstanding |
1,084,536 |
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1,086,038 |
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1,090,570 |
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1,087,115 |
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Basic earnings per common share |
$ |
0.33 |
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$ |
0.24 |
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$ |
0.92 |
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$ |
0.64 |
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Diluted earnings per common share: |
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Net income available to common shareholders |
$ |
360 |
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$ |
256 |
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$ |
1,008 |
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$ |
697 |
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Effect of assumed preferred stock conversion |
— |
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— |
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— |
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— |
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Net income applicable to diluted earnings per share |
$ |
360 |
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$ |
256 |
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$ |
1,008 |
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$ |
697 |
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Average common shares issued and outstanding |
1,084,536 |
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1,086,038 |
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1,090,570 |
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1,087,115 |
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Dilutive potential common shares: |
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Stock options and restricted stock units and awards |
15,655 |
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17,079 |
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17,105 |
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17,515 |
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Shares held in deferred compensation plans |
3,549 |
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3,228 |
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3,416 |
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3,096 |
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Dilutive impact of Preferred Stock |
— |
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— |
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5,887 |
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— |
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Other |
— |
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146 |
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— |
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152 |
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Dilutive potential common shares |
19,204 |
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20,453 |
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26,408 |
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20,763 |
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Total diluted average common shares issued and outstanding |
1,103,740 |
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1,106,491 |
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1,116,978 |
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1,107,878 |
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Diluted earnings per common share |
$ |
0.33 |
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$ |
0.23 |
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$ |
0.90 |
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$ |
0.63 |
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