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Quarterly Data (Unaudited)
12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY DATA (Unaudited)
NOTE 22—QUARTERLY DATA (UNAUDITED)

The information presented below reflects all adjustments, which, in the opinion of management, are of a normal and recurring nature necessary to present fairly the results of operations for the quarterly periods presented (dollars in millions, except per share amounts):
 
2017
 
2016
 
First
 
Second
 
Third
 
Fourth
 
First
 
Second
 
Third
 
Fourth
Total net revenue
$
553

 
$
577

 
$
599

 
$
637

 
$
472

 
$
474

 
$
486

 
$
509

Net income
$
145

 
$
193

 
$
147

 
$
129

 
$
153

 
$
133

 
$
139

 
$
127

Earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.48

 
$
0.70

 
$
0.49

 
$
0.48

 
$
0.54

 
$
0.48

 
$
0.51

 
$
0.46

Diluted
$
0.48

 
$
0.70

 
$
0.49

 
$
0.48

 
$
0.53

 
$
0.48

 
$
0.51

 
$
0.46

Net income in the second quarter of 2017 included a $99 million pre-tax benefit for loan losses primarily resulting from refined default assumptions based on the sustained outperformance of converted mortgage loans that had been amortizing for 12 months or longer. Net income in the third quarter of 2017 included a $58 million pre-tax loss on early extinguishment of debt related to the refinancing of higher cost corporate debt. Net income in the fourth quarter of 2017 included $58 million of additional tax expense due to a remeasurement of certain deferred tax assets and liabilities as a result of the federal tax reform law enacted on December 22, 2017.
Net income in the first quarter of 2016 included an income tax benefit related to the release of a valuation allowance against certain state deferred tax assets.