Net income (loss) per common share

3 Months Ended

Mar. 31, 2018

Earnings Per Share

Net Income (Loss) Per Common Share

Note 26 – Net income per common share

The following table sets forth the computation of net income per common share (“EPS”), basic and diluted, for the quarters ended March 31,2018and 2017:

		Quarters ended March 31,
(In thousands, except per share information)		2018		2017
Net income	$	91,324	$	92,945
Preferred stock dividends		(931)		(931)
Net income applicable to common stock	$	90,393	$	92,014
Average common shares outstanding		101,696,343		102,932,989
Average potential dilutive common shares		140,869		180,906
Average common shares outstanding - assuming dilution		101,837,212		103,113,895
Basic EPS	$	0.89	$	0.89
Diluted EPS	$	0.89	$	0.89

As disclosed in Note 18, during the quarter ended March 31, 2017, the Corporation completed a $75 millionprivately negotiated accelerated share repurchase transaction. As part of this transaction, the Corporation entered into a forward contract in which the final number of shares delivered at settlement was based on the average daily volume weighted average price (“VWAP”) of its common stock during the term of the ASR, net of a discount. Based on the discounted VWAP of $40.60, the Corporation received 1,847,372 sharesof its outstanding common stock.

For the quarters ended March 31,2018 and 2017, the Corporation calculated the impact of potential dilutive common shares under the treasury stock method, consistent with the method used for the preparation of the financial statements for the year ended December 31, 2017. For a discussion of the calculation under the treasury stock method, refer to Note 34 of the Consolidated Financial Statements included in the 2017 Form 10-K.

For the quarters ended March 31,2018 and 2017, there were no stock options outstanding.