Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

 v2.3.0.11
Earnings Per Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
10. 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, distributions from deferred compensation plans, and the conversion of Huntington’s convertible preferred stock. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. For diluted earnings per share, net income available to common shares can be affected by the conversion of Huntington’s convertible preferred stock. Where the effect of this conversion would be dilutive, net income available to common shareholders is adjusted by the associated preferred dividends and deemed dividend. The calculation of basic and diluted earnings per share for each of the three-month and six-month periods ended June 30, 2011 and 2010, was as follows:
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
(dollar amounts in thousands, except per share amounts)   2011     2010     2011     2010  
Basic earnings per common share:
                               
Net income
  $ 145,918     $ 48,764     $ 272,364     $ 88,501  
Preferred stock dividends, deemed dividend and accretion of discount
    (7,704 )     (29,426 )     (15,407 )     (58,783 )
 
                       
Net income available to common shareholders
  $ 138,214     $ 19,338     $ 256,957     $ 29,718  
Average common shares issued and outstanding
    863,358       716,580       863,358       716,450  
Basic earnings per common share
  $ 0.16     $ 0.03     $ 0.30     $ 0.04  
Diluted earnings per common share
                               
Net income available to common shareholders
  $ 138,214     $ 19,338     $ 256,957     $ 29,718  
Effect of assumed preferred stock conversion
    —       —       —       —  
 
                       
Net income applicable to diluted earnings per share
  $ 138,214     $ 19,338     $ 256,957     $ 29,718  
Average common shares issued and outstanding
    863,358       716,580       863,358       716,450  
Dilutive potential common shares:
                               
Stock options and restricted stock units and awards
    3,171       1,957       3,084       1,685  
Shares held in deferred compensation plans
    940       850       911       855  
Conversion of preferred stock
    —       —       —       —  
 
                       
Dilutive potential common shares:
    4,111       2,807       3,995       2,540  
 
                       
Total diluted average common shares issued and outstanding
    867,469       719,387       867,353       718,990  
Diluted earnings per common share
  $ 0.16     $ 0.03     $ 0.30     $ 0.04  
Approximately 15.3 million and 19.2 million options to purchase shares of common stock outstanding at the end of June 30, 2011 and 2010, respectively, were not included in the computation of diluted earnings per share because the effect would be antidilutive. The weighted average exercise price for these options was $19.69 per share and $19.22 per share at the end of each respective period.