NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  27. EARNINGS PER SHARE The calculation of earnings per share and the reconciliation of earnings per share to earnings per diluted share for the years ended December 31:  (a) The additive effect to income from dividends on convertible preferred stock for the year ended December 31, 2009 included preferred dividends of $14 for Series G preferred shares,  offset by a $35 reduction to preferred dividends due to the conversion of a portion of Series G preferred shares during the second quarter of 2009. The diluted earnings per share computation for the years ended  December 31, 2010 and 2009 excludes 23 million stock  appreciation rights, 12 million and 17 million stock options,  respectively, that had not yet been exercised, 1 million and 4  million shares, respectively, of unvested restricted stock and 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. The shares were excluded from the  computation of net income per diluted share because their  inclusion would have been anti-dilutive to earnings per share. For the year ended December 31, 2009, there were 44 million  shares under warrants related to the Bancorp’s Series F preferred  stock from the CPP that were excluded from the computation of  net income per diluted share, as their inclusion would have been  anti-dilutive to earnings per share due to the exercise price of the  shares being greater than the average market price of the common  shares. The warrants have an initial exercise price of $11.72 per  share.  Due to the net loss for the year ended December 31, 2008,  the diluted earnings per share calculation excluded all common  stock equivalents, including 43 million stock options and stock  appreciation rights, 6 million shares of restricted stock, 96 million  common shares from convertible preferred stock and 44 million  shares under warrants related to the CPP as their inclusion would  have been anti-dilutive to earnings per share.  2010  2009 2008 (in millions, except per share data)  Income  Average  Shares  Per  Share  Amount  Income  Average  Shares  Per Share  Amount Income Average  Shares  Per Share  Amount  Earnings per share:  Net income (loss) attributable to  Bancorp  $753  $737 ($2,113) Dividends on preferred stock  250  226 67 Net income (loss) available to  common shareholders 503 511 (2,180)  Income (loss) allocated to  participating securities  3  4 (21) Net income (loss) allocated to  common shareholders  $500 791 $0.63 $507 696 $0.73 ($2,159) 553 ($3.91) Earnings per diluted share:  Net income (loss) available to  common shareholders $503  $511 ($2,180) Effect of dilutive securities:  Stock based awards  5 - 2 - - - Warrants related to Series F  preferred stock  3 - - - - - Series G convertible preferred stock  (a)  - - - (21) 28 (0.06) - - - Net income (loss) available to  common shareholders plus  assumed conversions  503  490 (2,180) Income (loss) allocated to  participating securities  3  4 (21) Net income (loss) allocated to  common shareholders  $500 799 $0.63 $486 726 $0.67 ($2,159) 553 ($3.91) 116 Fifth Third Bancorp