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Net income per common share
 3 Months Ended
Mar. 31, 2022
Earnings Per Share  
Net Income (Loss) Per Common Share Note 25 – Net income per common shareThe following table sets forth the computation of net income per common share (“EPS”), basic and diluted, for the quarters ended March 31, 2022 and 2021:

 

 

Quarters ended March 31,

(In thousands, except per share information)

 

2022

 

2021

Net income

$

211,686

$

262,632

Preferred stock dividends

 

(353)

 

(353)

Net income applicable to common stock

$

211,333

$

262,279

Average common shares outstanding

 

78,443,706

 

83,899,769

Average potential dilutive common shares

 

151,757

 

152,166

Average common shares outstanding - assuming dilution

 

78,595,463

 

84,051,935

Basic EPS

$

2.69

$

3.13

Diluted EPS

$

2.69

$

3.12

As disclosed in Note 17 to the Consolidated Financial Statements, during the quarter ended March 31, 2022, the Corporation entered into a $400 million accelerated share repurchase transaction (“ASR”) and, in connection therewith, received an initial delivery of 3,483,942 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 March 31, 2022, for which the Corporation expects to receive additional shares upon termination of the ASR agreement. The dilutive EPS computation excludes 1,379,886 shares that at March 31, 2022 were estimated to be received under the ASR since the effect would be antidilutive.

For the quarters ended March 31, 2022 and 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, 2021. For a discussion of the calculation under the treasury stock method, refer to Note 31 of the Consolidated Financial Statements included in the 2021 Form 10-K.