Citibank 2015 Annual Report Download - page 70

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Tangible Common Equity, Tangible Book Value Per Share
and Book Value Per Share
Tangible common equity (TCE), as currently defined by Citi, represents
common equity less goodwill and other intangible assets (other than MSRs).
Other companies may calculate TCE in a different manner. TCE and tangible
book value per share are non-GAAP financial measures. Citi believes these
capital metrics provide useful information, as they are used by investors and
industry analysts.
In millions of dollars or shares, except per share amounts
December 31,
2015
December 31,
2014 (1)
Total Citigroup stockholders’ equity $221,857 $210,185
Less: Preferred stock 16,718 10,468
Common equity $205,139 $199,717
Less:
Goodwill 22,349 23,592
Intangible assets (other than MSRs) 3,721 4,566
Goodwill and intangible assets (other than MSRs) related to assets held-for-sale 68 71
Tangible common equity (TCE) $179,001 $171,488
Common shares outstanding (CSO) 2,953.3 3,023.9
Tangible book value per share (TCE/CSO) $ 60.61 $ 56.71
Book value per share (common equity/CSO) $ 69.46 $ 66.05
(1) Restated to reflect the retrospective adoption of ASU 2014-01 for LIHTC investments, consistent with current period presentation.