Net income (loss) per common share

9 Months Ended

Sep. 30, 2018

Earnings Per Share

Net Income (Loss) Per Common Share

Note 27 – Net income per common share

The following table sets forth the computation of netincomeper common share (“EPS”), basic and diluted, for the quarters and nine months ended September 30,2018and 2017:

		Quarters ended September 30,				Nine months ended September 30,
(In thousands, except per share information)		2018		2017		2018		2017
Net income		$	140,648	$	20,664	$	511,755	$	209,835
Preferred stock dividends			(930)		(930)		(2,792)		(2,792)
Net income applicable to common stock		$	139,718	$	19,734	$	508,963	$	207,043
Average common shares outstanding			101,067,300		101,652,352		101,549,711		102,057,607
Average potential dilutive common shares			181,854		111,520		182,219		127,937
Average common shares outstanding -
	assuming dilution		101,249,154		101,763,872		101,731,930		102,185,544
Basic EPS		$	1.38	$	0.19	$	5.01	$	2.03
Diluted EPS		$	1.38	$	0.19	$	5.00	$	2.03

As disclosed in Note 19, during the quarter ended September 30, 2018, the Corporation entered into a $125 million accelerated sharerepurchase transaction (“ASR”) and, in connection therewith, received an initial delivery of 2,000,000 shares of common stock. The initial share delivery was accounted for as a treasury stock transaction. As part of this transaction, the Corporation entered into a forward contract, which remains outstanding as of September 30,2018, for which the Corporation expects to receive additional shares upon termination of the ASR agreement.The diluted earnings per share computation for the quarter and nine months ended September 30,2018excludes 476,749 antidilutive shares related to the ASR.

For the quarter and nine months ended September 30,2018, 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.