Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.19.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share is the amount of earnings (adjusted for dividends declared on preferred stock) available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units and awards, and distributions from deferred compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.
For the six months ended June 30, 2018, total diluted average common shares issued and outstanding was impacted by using the if-converted method. The calculation of basic and diluted earnings per share for the three and six-month periods ended June 30, 2019 and 2018 was as follows:
 
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollar amounts in millions, except per data, share count in thousands)
2019
 
2018
2019
 
2018
Basic earnings per common share:
 
 
 
 
 
 
Net income
$
364

 
$
355

$
722

 
$
681

Preferred stock dividends
(18
)
 
(21
)
(37
)
 
(33
)
Net income available to common shareholders
$
346

 
$
334

$
685

 
$
648

Average common shares issued and outstanding
1,044,802

 
1,103,337

1,045,899

 
1,093,587

Basic earnings per common share
$
0.33

 
$
0.30

$
0.66

 
$
0.59

Diluted earnings per common share:
 
 
 
 
 
 
Dilutive potential common shares:
 
 
 
 
 
 
Stock options and restricted stock units and awards
11,308

 
15,803

13,057

 
17,830

Shares held in deferred compensation plans
4,170

 
3,472

4,003

 
3,350

Dilutive impact of Preferred Stock
—

 
—

—

 
8,879

Dilutive potential common shares
15,478

 
19,275

17,060

 
30,059

Total diluted average common shares issued and outstanding
1,060,280

 
1,122,612

1,062,959

 
1,123,646

Diluted earnings per common share
$
0.33

 
$
0.30

$
0.64

 
$
0.58

Anti-dilutive awards (1)
7,656

 
2,488

6,237

 
1,517


(1)
Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.