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Net income (loss) per common share | 9 Months Ended
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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 net income per common share (“EPS”), basic and diluted, for the quarters and nine months ended September 30, 2018 and 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 3 0, 201 8, the Corporation entered into a $125 million accelerated share repurchase 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, 2018 excludes 476,749 antidilutive sha res 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 c alculation under the treasury stock method, refer to Note 34 of the Consolidated Financial Statements included in the 2017 Form 10-K.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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