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Net income per common share | 3 Months Ended
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Mar. 31, 2019
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 quarter s ended March 31, 2019 and 2018:
|  | Quarters ended March 31,
(In thousands, except per share information) |  | 2019 |  | 2018
Net income | $ | 167,925 | $ | 91,324
Preferred stock dividends |  | (931) |  | (931)
Net income applicable to common stock | $ | 166,994 | $ | 90,393
Average common shares outstanding |  | 98,581,743 |  | 101,696,343
Average potential dilutive common shares |  | 177,155 |  | 140,869
Average common shares outstanding - assuming dilution |  | 98,758,898 |  | 101,837,212
Basic EPS | $ | 1.69 | $ | 0.89
Diluted EPS | $ | 1.69 | $ | 0.89
As disclosed in Note 18, d uring the quarter ended March 31, 201 9, the Corporation entered into a $250 million accelerated share repurchase transaction (“ASR”) and, in connection therewith, received an initial delivery of 3,500,000 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 contr act, which remains outstanding as of March 31, 2019, for which the Corporation expects to receive additional shares upon the termination of the ASR agreement. The diluted EPS computation for the quarter ended March 31, 2019 excludes 1,268,890 antidilutive shar es related to the ASR. For the quarter s ended March 31, 2019 and 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 sta tements for the year ended December 31, 2018. For a discussion of the calculation under the treasury stock m ethod, refer to Note 32 of the Consolidated Financial S tatements included in the 2018 Form 10-K.

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