Fifth Third Bank 2012 Annual Report Download - page 147
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
145 Fifth Third Bancorp
25. EARNINGS PER SHARE
The calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share for the years ended December 31:
2012 2011 2010
Average Per Share Average Per Share Average Per Share
(in millions, except per share data) Income Shares Amount Income Shares Amount Income Shares Amount
Earnings per share:
Net income attributable to Bancorp $ 1,576 1,297 753
Dividends on preferred stock 35 203 250
Net income available to common shareholders 1,541 1,094 503
Less: Income allocated to participating securities 10 6 3
Net income allocated to common shareholders $ 1,531 904 1.69 1,088 906 1.20 500 791 0.63
Earnings per diluted share:
Net income available to common shareholders $ 1,541 1,094 503
Effect of dilutive securities:
Stock-based awards - 6 - - 6 - - 5 -
Series G convertible preferred stock 35 36 (0.03) 35 36 (0.02) - - -
Warrants related to Series F preferred stock - - - - 2 - - 3 -
Net income available to common shareholders 1,576 1,129 503
plus assumed conversions
Less: Income allocated to participating securities 10 6 3
Net income allocated to common shareholders
plus assumed conversions $ 1,566 946 1.66 1,123 950 1.18 500 799 0.63
Shares are excluded from the computation of net income per diluted
share when their inclusion has an anti-dilutive effect on earnings per
share. The diluted earnings per share computation for 2012, 2011,
and 2010 excludes 36 million, 29 million, and 23 million,
respectively, of stock appreciation rights, 5 million, 8 million, and 12
million, respectively, of stock options and 1 million, 1 million and 1
million shares, respectively, of unvested restricted stock that had not
yet been exercised. In 2010, 36 million shares related to the
Bancorp’s Series G preferred stock that were not part of the
conversion of preferred shares in the second quarter of 2009 were
excluded from the computation of net income per diluted share
because their inclusion would have been anti-dilutive to earnings per
share.
The diluted earnings per share computation for the year ended
December 31, 2012 excludes the impact of the forward contracts
related to the November 6, 2012 and December 14, 2012
accelerated share repurchase transactions because, based upon the
average daily volume-weighted average price of the Bancorp’s
common stock during the fourth quarter of 2012, the counterparty
to the transactions would have been required to deliver
approximately 1 million shares as of December 31, 2012, and thus
the impact of the two accelerated share repurchase transactions
would have been anti-dilutive to earnings per share.