Comerica 2011 Annual Report Download - page 136

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
F-99
NOTE 16 - NET INCOME (LOSS) PER COMMON SHARE
Basic and diluted income (loss) from continuing operations per common share and net income (loss) per common share
are presented in the following table.
(in millions, except per share data)
Years Ended December 31
Basic and diluted
Income from continuing operations
Less:
Preferred stock dividends
Redemption discount accretion on preferred stock
Income allocated to participating securities
Income (loss) from continuing operations attributable to common shares
Net income
Less:
Preferred stock dividends
Redemption discount accretion on preferred stock
Income allocated to participating securities
Net income (loss) attributable to common shares
Basic average common shares
Basic income (loss) from continuing operations per common share
Basic net income (loss) per common share
Basic average common shares
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock options
Net effect of the assumed exercise of warrants
Diluted average common shares
Diluted income (loss) from continuing operations per common share
Diluted net income (loss) per common share
2011
$ 393
—
—
4
$ 389
$ 393
—
—
4
$ 389
185
$ 2.11
2.11
185
—
1
186
$ 2.09
2.09
2010
$ 260
29
94
1
$ 136
$ 277
29
94
1
$ 153
170
$ 0.79
0.90
170
1
2
173
$ 0.78
0.88
2009
$ 16
134
—
1
$(119)
$ 17
134
—
1
$(118)
149
$(0.80)
(0.79)
149
—
—
149
$(0.80)
(0.79)
The following average shares related to outstanding options and warrants to purchase shares of common stock were not
included in the computation of diluted net income (loss) per common share because the prices of the options and warrants were
greater than the average market price of common shares for the period.
(shares in millions)
Average outstanding options
Range of exercise prices
Average outstanding warrants
Exercise price
2011
17.1
$25.34 - $64.50
6.0
$29.40 - $30.36
2010
15.1
$36.24 - $64.50
2009
17.6
$28.07 - $66.81
11.5
$29.40
Due to the net loss from continuing operations attributable to common shares reported for the year ended December 31,
2009, options to purchase 1.5 million shares, with average exercise prices less than the average market price of common shares
for the period, were excluded from the computation of diluted net loss per share, as their inclusion would have been anti-dilutive.