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Net income per common share | 6 Months Ended
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Jun. 30, 2022
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, 2022 and 2021:
|  | Quarters ended June 30, | Six months ended June 30,
(In thousands, except per share information) | 2022 | 2021 | 2022 | 2021
Net income | $ | 211,421 | $ | 218,079 | $ | 423,107 | $ | 480,711
Preferred stock dividends |  | (353) |  | (353) |  | (706) |  | (706)
Net income applicable to common stock | $ | 211,068 | $ | 217,726 | $ | 422,401 | $ | 480,005
Average common shares outstanding |  | 76,171,784 |  | 81,609,435 |  | 77,301,469 |  | 82,748,275
Average potential dilutive common shares |  | 115,099 |  | 163,354 |  | 124,805 |  | 140,103
Average common shares outstanding - assuming dilution |  | 76,286,883 |  | 81,772,789 |  | 77,426,274 |  | 82,888,378
Basic EPS | $ | 2.77 | $ | 2.67 | $ | 5.46 | $ | 5.80
Diluted EPS | $ | 2.77 | $ | 2.66 | $ | 5.46 | $ | 5.79
As disclosed in Note 17 to the Consolidated Financial Statements, during the six-month period ended June 30, 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 remained outstanding as of June 30, 2022, for which the Corporation expected to receive additional shares upon the termination of the ASR agreement. The dilutive EPS computation excludes 1,564,406 shares that at June 30, 2022 were estimated to be received under the ASR since the effect would be antidilutive. As discussed in Note 17 to the Consolidated Financial Statements, on July 12, 2022, the Corporation completed the ASR and received an additional 1,582,922 shares of common stock, upon the settlement of the ASR agreement. For the quarters and six months ended June 30, 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.

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