11. EARNINGS PER SHARE
Basic earnings per share was computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share reflected the effect of potentially dilutive securities.
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations:
|
(for the year ended December 31, in millions, except per share amounts) |
2013 | 2012 | 2011 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Basic |
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|
Net income, as reported |
$ | 3,673 | $ | 2,473 | $ | 1,426 | ||||
|
Participating share-based awards—allocated income |
(27 | ) | (19 | ) | (11 | ) | ||||
|
Preferred stock dividends |
— | — | (1 | ) | ||||||
|
Net income available to common shareholders—basic |
$ | 3,646 | $ | 2,454 | $ | 1,414 | ||||
|
Diluted |
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|
Net income available to common shareholders |
$ | 3,646 | $ | 2,454 | $ | 1,414 | ||||
|
Effect of dilutive securities: |
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|
Convertible preferred stock |
— | — | 1 | |||||||
|
Net income available to common shareholders—diluted |
$ | 3,646 | $ | 2,454 | $ | 1,415 | ||||
|
Common Shares |
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|
Basic |
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|
Weighted average shares outstanding |
370.3 | 386.2 | 415.8 | |||||||
|
Diluted |
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|
Weighted average shares outstanding |
370.3 | 386.2 | 415.8 | |||||||
|
Weighted average effects of dilutive securities: |
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|
Stock options and performance shares |
4.0 | 3.6 | 4.0 | |||||||
|
Convertible preferred stock |
— | — | 0.7 | |||||||
|
Total |
374.3 | 389.8 | 420.5 | |||||||
|
Net income Per Common Share |
||||||||||
|
Basic |
$ | 9.84 | $ | 6.35 | $ | 3.40 | ||||
|
Diluted |
$ | 9.74 | $ | 6.30 | $ | 3.36 | ||||