Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v2.4.0.6
Earnings per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings per Share
Earnings per Share

Basic net income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net income per common share adjusts the weighted average common shares outstanding for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options, restricted stock and restricted stock units) were exercised or converted into common stock, calculated using the treasury stock method. Common stock equivalents of approximately 427,159,771 and 96,155,764 for the three months ended June 30, 2012 and 2011, respectively, and 428,045,379 and 109,334,669 for the six months ended June 30, 2012 and 2011, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
(in thousands, except per share data)
2012
 
2011
 
2012
 
2011
Net income available to common stockholders
$
3,134,170

  
$
173,319

 
$
3,241,944

 
$
251,440

Effect of assumed conversions
—

 
9,625

 
—

 
19,250

Net income available to common stockholders and assumed conversions
$
3,134,170

 
$
182,944

 
$
3,241,944

 
$
270,690

Average common shares outstanding-basic
3,765,573

  
3,744,375

 
3,766,508

 
3,739,731

Dilutive effect of equity instruments
2,740,586

  
3,059,922

 
2,755,106

 
3,050,998

Average common shares outstanding-diluted
6,506,159

  
6,804,297

 
6,521,614

 
6,790,729

Net income per common share
 
 
 
 


 


Basic
$
0.83

  
$
0.05

 
$
0.86

 
$
0.07

Diluted
$
0.48

  
$
0.03

 
$
0.50

 
$
0.04