NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 24. COMMON, PREFERRED AND TREASURY STOCK  The following is a summary of the share activity within common, preferred and treasury stock for the years ended December 31:  Common Stock  Preferred Stock Treasury Stock  ($ in millions, except share data)  Value Shares Value Shares Value Shares Shares at December 31, 2007  $1,295 583,427,104 $9 9,250 $2,209 51,482,500 Issuance of preferred shares, Series G  - - 1,072 44,300  - - Issuance of preferred shares, Series F  3,169 136,320  Redemption of preferred shares, Series D, E  - - (9) (9,250)  - - Stock-based awards exercised, including treasury shares issued  - - - -  (2) - Restricted stock grants - - - -  (136) (2,551,432) Shares issued in business combinations  (1,841) (42,890,576) Employee stock ownership through benefit plans  - - - -  (1) - Shares at December 31, 2008  $1,295 583,427,104 $4,241 180,620 $229 6,040,492 Issuance of common shares  351 157,955,960 - -  - - Exchange of preferred shares, Series G  133 60,121,124 (674) (27,849)  - - Accretion from dividends on preferred shares, Series F  - - 41 -  - - Restricted stock forfeitures  - 5 819,796 Restricted stock grants - - - -  (32) (751,464) Other - - 1 - (1) 327,200 Shares at December 31, 2009  $1,779 801,504,188 $3,609 152,771 $201 6,436,024 Accretion from dividends on preferred shares, Series F  - - 45 - - - Stock-based awards exercised, including treasury shares issued  - - - - (8) 16,391 Restricted stock grants and forfeitures, net  (62) (1,334,967) Employee stock ownership through benefit plans  - - - - (1) 114,218 Shares at December 31, 2010  $1,779 801,504,188 $3,654 152,771 $130 5,231,666 fourth quarter of 2008, the Bancorp repurchased its Series D and  Series E preferred stock. The preferred stock was repurchased for  aggregate consideration in cash of $28 million, in which $9 million  par value was accounted for as retirement of the Series D and  Series E preferred stock and the remaining $19 million was  recognized as dividends paid to the holders of the preferred stock.  On May 7, 2009, the Bancorp announced the SCAP results.  While not required to raise additional overall capital, the Bancorp  was required to augment its existing capital base to maintain a  capital buffer above the newly required four percent threshold of  the Tier I common equity ratio. As a result, the Bancorp initiated  a number of capital actions including the offer to exchange Series  G preferred shares and a common stock offering.  On June 4, 2009, the Bancorp announced the successful  completion of a $1 billion at-the-market offering of its common  shares. Through this offering, the Bancorp issued approximately  158 million shares at an average price of $6.33. On June 17, 2009, the Bancorp completed its offer to  exchange 2,158.8272 shares of its common stock, no par value,  and $8,250 in cash, for each set of 250 validly tendered and  accepted depositary shares. The Bancorp issued approximately 60  million shares of common stock and paid $230 million in cash in  exchange for 7 million depositary shares. Overall, $696 million in  liquidation amount of the Bancorp’s depositary shares were validly  tendered, not withdrawn and exchanged, which represented 63%  of the aggregate liquidation amount of its depositary shares. An  aggregate of 7 million depositary shares representing 27,849 shares  of Series G preferred stock were retired upon receipt. At the time  of exchange, the Bancorp recognized an increase to retained  earnings and net income available to common shareholders of $35  million, calculated as the difference between the carrying amount  of the Series G preferred stock exchanged and the sum of the fair  value of the common stock plus cash delivered. After settlement  of the exchange offer and as of December 31, 2010, 4,112,750  depositary shares representing 16,451 shares of Series G preferred  stock remained outstanding. As a result of this exchange, the  Bancorp increased its common equity by $441 million. During 2010, 2009 and 2008, the Bancorp repurchased an  immaterial amount of common stock. On January 20, 2011, the Bancorp announced it had priced a  public offering of 121,428,572 shares of its common stock at a  price of $14.00 per share, or $1.7 billion in aggregate gross  The CPP terms also required that preferred stock issued to  U.S. Treasury rank senior to, or pari passu with, other preferred  stock. In order to meet the U.S. Treasury’s standard terms, in the  In 2008, 8.5% non-cumulative Series G convertible preferred  stock was issued in the second quarter. The depository shares  represented shares of its convertible preferred stock and had a  liquidation preference of $25,000 per share. The preferred stock is  convertible at any time, at the option of the shareholder, into  2,159.8272 shares of common stock, representing a conversion  price of approximately $11.575 per share of common stock. As of  December 31, 2010, Series G preferred stock had 16,451 shares  outstanding and 1,700 shares reserved for issuance.  On December 31, 2008, the U.S. Treasury purchased $3.4  billion, or 136,320 shares, of the Bancorp’s Fixed Rate Cumulative  Perpetual Preferred Stock, Series F, with a liquidation preference  of $25,000 per share and related 10-year warrants in the amount  of 15% of the preferred stock investment. The warrants allow the  U.S. Treasury to purchase up to 43,617,747 shares of the  Bancorp’s common stock with an exercise price of $11.72. The  Series F senior preferred stock was issued complying with the  terms established by the CPP. Per the program terms, the U.S.  Treasury’s investment consists of senior preferred stock with a  five percent dividend for each of the first five years of investment  and nine percent thereafter, unless the shares are redeemed. The  shares are callable by the Bancorp at par after three years and may  be repurchased at any time under certain circumstances. The  terms also include restrictions on the repurchase of common  stock and an increase in common stock dividends, which require  the U.S. Treasury’s consent, for a period of three years from the  date of investment unless the preferred shares are redeemed in  whole or the U.S. Treasury has transferred all of the preferred  shares to a third party. The proceeds from issuance of the Series F preferred stock  were allocated to the preferred stock and to the warrants based on  their relative fair values, which resulted in an initial book value of  $3.2 billion for the preferred stock and $239 million for the  warrants. The resulting discount to the preferred stock is being  accreted over five years through retained earnings as a preferred  stock dividend, resulting in an effective yield of 6.7% for the  Series F preferred stock for the first five years. The warrants will  remain in capital surplus at their initial book value until they are  exercised or expire.  Fifth ThirdBancorp 111