Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
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, 2013 and 2012, was as follows:

      Three Months Ended
        March 31,
(dollar amounts in thousands, except per share amounts)     2013     2012
               
Basic earnings per common share:            
Net income   $ 151,780   $ 153,270
Preferred stock dividends     (7,970)     (8,049)
  Net income available to common shareholders   $ 143,810   $ 145,221
Average common shares issued and outstanding     841,103     864,499
Basic earnings per common share   $ 0.17   $ 0.17
               
Diluted earnings per common share            
Net income available to common shareholders   $ 143,810   $ 145,221
Effect of assumed preferred stock conversion     ---     ---
  Net income applicable to diluted earnings per share   $ 143,810   $ 145,221
Average common shares issued and outstanding     841,103     864,499
Dilutive potential common shares:            
  Stock options and restricted stock units and awards     6,281     3,463
  Shares held in deferred compensation plans     1,324     1,202
  Conversion of preferred stock     ---     ---
Dilutive potential common shares:     7,605     4,665
  Total diluted average common shares issued and outstanding     848,708     869,164
Diluted earnings per common share   $ 0.17   $ 0.17

For the three-month periods ended March 31, 2013 and 2012, approximately 10.6 million and 22.9 million, respectively, of options to purchase shares of common stock were not included in the computation of diluted earnings per share because the effect would be antidilutive.