TCF Bank 2014 Annual Report Download - page 108

Download and view the complete annual report

Please find page 108 of the 2014 TCF Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 135

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135

Note 20. Earnings Per Common Share
TCF’s restricted stock awards that pay non-forfeitable common stock dividends meet the criteria of a participating security.
Accordingly, earnings per share is calculated using the two-class method, under which earnings are allocated to both common
shares and participating securities.
At or For the Year Ended December 31,
(Dollars in thousands, except per-share data) 2014 2013 2012
Basic Earnings (Loss) Per Common Share:
Net income (loss) attributable to TCF Financial Corporation $ 174,187 $ 151,668 $ (212,884)
Preferred stock dividends (19,388) (19,065) (5,606)
Net income (loss) available to common stockholders 154,799 132,603 (218,490)
Earnings allocated to participating securities 40 71 50
Earnings (loss) allocated to common stock $ 154,759 $ 132,532 $ (218,540)
Weighted-average shares outstanding 166,542,848 164,229,421 162,288,902
Restricted stock (2,961,413) (3,213,417) (3,020,094)
Weighted-average common shares outstanding for basic earnings
(loss) per common share 163,581,435 161,016,004 159,268,808
Basic earnings (loss) per common share $ 0.95 $ 0.82 $ (1.37)
Diluted Earnings (Loss) Per Common Share:
Earnings (loss) allocated to common stock $ 154,759 $ 132,532 $ (218,540)
Weighted-average common shares outstanding used in basic
earnings (loss) per common share calculation 163,581,435 161,016,004 159,268,808
Net dilutive effect of:
Non-participating restricted stock 250,499 719,459 –
Stock options 252,892 191,092 –
Weighted-average common shares outstanding for diluted
earnings (loss) per common share 164,084,826 161,926,555 159,268,808
Diluted earnings (loss) per common share $ 0.94 $ 0.82 $ (1.37)
All shares of restricted stock are deducted from weighted-average shares outstanding for the computation of basic earnings per
common share. Shares of performance-based restricted stock are included in the calculation of diluted earnings per common
share, using the treasury stock method, at the beginning of the quarter in which the performance goals have been achieved. All
other shares of restricted stock, which vest over specified time periods, stock options and warrants are included in the
calculation of diluted earnings per common share, using the treasury stock method.
For 2014, 2013 and 2012, there were 4.2 million, 3.8 million and 5.1 million, respectively, of outstanding shares related to
non-participating restricted stock, stock options, and warrants that were not included in the computation of diluted earnings per
share because they were anti-dilutive.
Note 21. Other Expense
Other expense consisted of the following.
Year Ended December 31,
(In thousands) 2014 2013 2012
Loan and lease processing $ 20,294 $ 13,787 $ 9,567
Professional fees 18,949 18,642 13,608
Card processing and issuance cost 16,588 15,868 15,586
Outside processing 13,288 13,767 12,919
Telecommunications 11,911 11,720 11,735
Travel 11,481 12,810 11,740
Other 87,393 81,183 88,742
Total other expense $179,904 $167,777 $163,897
95