Fifth Third Bank 2003 Annual Report Download - page 42

Download and view the complete annual report

Please find page 42 of the 2003 Fifth Third 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 76

  • 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

FIFTH THIRD BANCORP AND SUBSIDIARIES
40
Notes to Consolidated Financial Statements
25. Earnings Per Share
Reconciliation of Earnings Per Share to Earnings Per Diluted Share
for the years ended December 31:
2003
Average Per Share
(in millions, except per share data)
Income Shares Amount
EPS
Income from continuing
operations before cumulative
effect . . . . . . . . . . . . . . . . . . . $1,722
Dividends on preferred stock . . . (1)
Net income from continuing
operations available to
common shareholders . . . . . . . 1,721 572 $3.01
Income from discontinued
operations, net of tax. . . . . . . . 44 .08
Cumulative effect of change
in accounting principle,
net of tax . . . . . . . . . . . . . . . . (11) (.02)
Net income available to
common shareholders . . . . . . . $1,754 572 $3.07
Diluted EPS
Net income from continuing
operations available to
common shareholders. . . . . . . $1,721 572
Effect of Dilutive Securities—
Stock options . . . . . . . . . . . . . . 8
Dividends on convertible
preferred stock . . . . . . . . . . . . 1—
Income from continuing
operations plus assumed
conversions . . . . . . . . . . . . . . 1,722 580 $2.97
Income from discontinued
operations, net of tax . . . . . . . 44 .08
Cumulative effect of change
in accounting principle,
net of tax . . . . . . . . . . . . . . . . (11) (.02)
Net income available to
common shareholders plus
assumed conversions . . . . . . . . $1,755 580 $3.03
2002
Average Per Share
(in millions, except per share data)
Income Shares Amount
EPS
Income from continuing
operations . . . . . . . . . . . . . . . $1,631
Dividends on preferred stock . . . (1)
Net income from continuing
operations available to
common shareholders . . . . . . . 1,630 580 $2.81
Income from discontinued
operations, net of tax . . . . . . . 4 .01
Net income available to
common shareholders . . . . . . . $1,634 580 $2.82
Diluted EPS
Net income from continuing
operations available to
common shareholders. . . . . . . $1,630 580
Effect of Dilutive Securities—
Stock options . . . . . . . . . . . . . . 12
Dividends on convertible
preferred stock . . . . . . . . . . . . 1 —
2002
Average Per Share
(in millions, except per share data)
Income Shares Amount
Income from continuing
operations plus assumed
conversions . . . . . . . . . . . . . . 1,631 592 $2.75
Income from discontinued
operations, net of tax . . . . . . . 4 .01
Net income available to
common shareholders plus
assumed conversions . . . . . . . . $1,635 592 $2.76
2001
Average Per Share
(in millions, except per share data)
Income Shares Amount
EPS
Income from continuing
operations before
cumulative effect . . . . . . . . . . $1,097
Dividends on preferred stock . . . (1)
Net income from continuing
operations available to
common shareholders . . . . . . . 1,096 575 $1.90
Income from discontinued
operations, net of tax . . . . . . . 4 .01
Cumulative effect of change
in accounting principle,
net of tax . . . . . . . . . . . . . . . . (7) (.01)
Net income available to
common shareholders . . . . . . . $1,093 575 $1.90
Diluted EPS
Net income from continuing
operations available to
common shareholders. . . . . . . $1,096 575
Effect of Dilutive Securities—
Stock options . . . . . . . . . . . . . . 12
Interest on 6% convertible
subordinated debentures
due 2028, net of tax . . . . . . . . 5 4
Dividends on convertible
preferred stock . . . . . . . . . . . . 1 —
Income from continuing
operations plus assumed
conversions . . . . . . . . . . . . . . 1,102 591 $1.86
Income from discontinued
operations, net of tax . . . . . . . 4 .01
Cumulative effect of change
in accounting principle,
net of tax . . . . . . . . . . . . . . . . (7) (.01)
Net income available to
common shareholders plus
assumed conversions . . . . . . . . $1,099 591 $1.86
In connection with the merger of CNB in 1999, the Bancorp
assumed $173 million of trust preferred securities through CNB
Capital Trust I, a Delaware statutory business trust. Effective
December 31, 2001, the Bancorp redeemed all of the outstanding
6.0% convertible subordinated debentures due 2028, thereby causing
a redemption of all the issued and outstanding 6.0% trust preferred
securities. The holders elected to convert all but 2,800 shares of the
trust preferred securities into Bancorp common stock in December,
2001.
Options to purchase 7.0 million, 6.2 million and .6 million
shares outstanding at December 31, 2003, 2002, and 2001,