Concerning the much talked about Verizon iPhone, Apple has thus far offered no new info on a possible launch date for the Verizon iPhone. However according to an article over on barrons, Bank of America/Merrill Lynch are filling in some of the details and give an analysis of impact of the much talked about event.

Analyst David Barden, in a note to clients calls the iPhone a “mixed blessing” for the Big Red and went on to write, “While clearly accretive to market share in our view, it is not accretive to earnings, even assuming steady pricing dynamics, until 2013.”

According to Barden, here’s what the iPhone does for Verizon Wireless’s bottom line the Verizon iPhone debuts in 2011…

A Verizon iPhone would incur incremental launch costs of $3.3 billion in 2011, $4.4 billion in 2012 and $5.2 billion in 2013. After adjustment of shared ownership with Verizon Wireless and Vodafone, a Verizon iPhone would be a 24 cent earnings drag in the first year, a 2 cent drag in the second year and a 17 cent drag in the third year.

EPS estimate for 2011 to 2013 go like this from $2.44, $2.77 and $3.01 down to $2.20 and $2.75 in 2011 and 2012 then up to $3.18 by 2013. Bardon also thinks P/E expansion assuming Verizon gains the iPhone could blunt the earnings shortfall with multiple rising to 14 times from 12 times while AT&T could see a reversal of the situation if they lose the iPhone says Barden.