Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.4.0.6
Earnings Per Share
 3 Months Ended
Mar. 31, 2012
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 periods ended March 31, 2012 and 2011, was as follows:

      Three Months Ended
        March 31,
(dollar amounts in thousands, except per share amounts)     2012     2011
               
Basic earnings per common share:            
Net income   $ 153,270   $ 126,446
Preferred stock dividends     (8,049)     (7,703)
  Net income available to common shareholders   $ 145,221   $ 118,743
Average common shares issued and outstanding     864,499     863,359
Basic earnings per common share   $ 0.17   $ 0.14
               
Diluted earnings per common share            
Net income available to common shareholders   $ 145,221   $ 118,743
Effect of assumed preferred stock conversion     ---     ---
  Net income applicable to diluted earnings per share   $ 145,221   $ 118,743
Average common shares issued and outstanding     864,499     863,359
Dilutive potential common shares:            
  Stock options and restricted stock units and awards     3,463     2,996
  Shares held in deferred compensation plans     1,202     882
  Conversion of preferred stock     ---     ---
Dilutive potential common shares:     4,665     3,878
  Total diluted average common shares issued and outstanding     869,164     867,237
Diluted earnings per common share   $ 0.17   $ 0.14

Approximately 22.9 million and 14.7 million options to purchase shares of common stock outstanding at the end of March 31, 2012 and 2011, 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 $12.38 per share and $20.71 per share at the end of each respective period.