Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

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Earnings Per Share
 3 Months Ended
Sep. 30, 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 and nine-month periods ended September 30, 2012 and 2011, was as follows:

    Three Months Ended   Nine Months Ended
      September 30,     September 30,
(dollar amounts in thousands, except per share amounts)   2012     2011     2012     2011
                         
Basic earnings per common share:                      
Net income $ 167,767   $ 143,391   $ 473,743   $ 415,755
Preferred stock dividends   (7,983)     (7,703)     (24,016)     (23,110)
  Net income available to common shareholders $ 159,784   $ 135,688   $ 449,727   $ 392,645
Average common shares issued and outstanding   857,871     863,911     861,543     863,542
Basic earnings per common share $ 0.19   $ 0.16   $ 0.52   $ 0.45
                         
Diluted earnings per common share                      
Net income available to common shareholders $ 159,784   $ 135,688   $ 449,727   $ 392,645
Effect of assumed preferred stock conversion   ---     ---     ---     ---
  Net income applicable to diluted earnings per share $ 159,784   $ 135,688   $ 449,727   $ 392,645
Average common shares issued and outstanding   857,871     863,911     861,543     863,542
Dilutive potential common shares:                      
  Stock options and restricted stock units and awards   4,479     2,646     4,007     2,938
  Shares held in deferred compensation plans   1,238     1,076     1,218     966
  Conversion of preferred stock   ---     ---     ---     ---
Dilutive potential common shares:   5,717     3,722     5,225     3,904
  Total diluted average common shares issued and outstanding   863,588     867,633     866,768     867,446
Diluted earnings per common share $ 0.19   $ 0.16   $ 0.52   $ 0.45

For the three-month and nine-month periods ended September 30, 2012 and 2011, approximately 23.5 million and 25.2 million, respectively and 24.6 million, and 13.9 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.