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Net income per common share | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share |
Net Income (Loss) Per Common Share | Note 25 – 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 six months ended June 30, 2021 and 2020:
|  | Quarters ended June 30, | Six months ended June 30,
(In thousands, except per share information) | 2021 | 2020 | 2021 | 2020
Net income | $ | 218,079 | $ | 127,628 | $ | 480,711 | $ | 161,930
Preferred stock dividends |  | (353) |  | (353) |  | (706) |  | (1,053)
Net income applicable to common stock | $ | 217,726 | $ | 127,275 | $ | 480,005 | $ | 160,877
Average common shares outstanding |  | 81,609,435 |  | 85,135,522 |  | 82,748,275 |  | 87,962,040
Average potential dilutive common shares |  | 163,354 |  | 26,139 |  | 140,103 |  | 77,672
Average common shares outstanding - assuming dilution |  | 81,772,789 |  | 85,161,661 |  | 82,888,378 |  | 88,039,712
Basic EPS | $ | 2.67 | $ | 1.49 | $ | 5.80 | $ | 1.83
Diluted EPS | $ | 2.66 | $ | 1.49 | $ | 5.79 | $ | 1.83
As disclosed in Note 17, during the quarter ended June 30, 2021, the Corporation entered into a $350 million accelerated share repurchase transaction (“ASR”) and, in connection therewith, received an initial delivery of 3,785,831 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 June 30, 2021, for which the Corporation expects to receive additional shares upon termination of the ASR agreement. The dilutive EPS computation excludes 686,616 shares that at June 30, 2021 were estimated to be received under the ASR since the effect would be antidilutive. For the quarter and six months ended June 30, 2021, 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, 2020. For a discussion of the calculation under the treasury stock method, refer to Note 30 of the Consolidated Financial Statements included in the 2020 Form 10-K.

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