| Basic and diluted earnings loss per share |
The calculation of basic and diluted earnings per share for the three and six-month periods ended June 30, 2018 and 2017 was as follows:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
(dollar amounts in millions, except per share amounts) |
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 |
$ |
355 |
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$ |
272 |
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$ |
681 |
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$ |
480 |
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Preferred stock dividends |
(21 |
) |
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(19 |
) |
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(33 |
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(38 |
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Net income available to common shareholders |
$ |
334 |
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$ |
253 |
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$ |
648 |
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$ |
442 |
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Average common shares issued and outstanding (000) |
1,103,337 |
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1,088,934 |
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1,093,587 |
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1,087,654 |
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Basic earnings per common share |
$ |
0.30 |
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$ |
0.23 |
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$ |
0.59 |
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$ |
0.41 |
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Diluted earnings per common share: |
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Net income available to common shareholders |
$ |
334 |
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$ |
253 |
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$ |
648 |
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$ |
442 |
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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 |
$ |
334 |
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$ |
253 |
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$ |
648 |
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$ |
442 |
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Average common shares issued and outstanding (000) |
1,103,337 |
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1,088,934 |
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1,093,587 |
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1,087,654 |
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Dilutive potential common shares: |
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Stock options and restricted stock units and awards |
15,803 |
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16,329 |
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17,830 |
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17,734 |
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Shares held in deferred compensation plans |
3,472 |
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3,108 |
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3,350 |
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3,030 |
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Dilutive impact of Preferred Stock |
— |
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— |
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8,879 |
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— |
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Other |
— |
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156 |
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— |
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154 |
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Dilutive potential common shares |
19,275 |
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19,593 |
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30,059 |
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20,918 |
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Total diluted average common shares issued and outstanding (000) |
1,122,612 |
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1,108,527 |
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1,123,646 |
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1,108,572 |
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Diluted earnings per common share |
$ |
0.30 |
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$ |
0.23 |
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$ |
0.58 |
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$ |
0.40 |
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