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Net income per common share | 9 Months Ended
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Sep. 30, 2022
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 quarters and nine months ended September 30, 2022 and 2021:
|  | Quarters ended September 30, | Nine months ended September 30,
(In thousands, except per share information) | 2022 | 2021 | 2022 | 2021
Net income | $ | 422,395 | $ | 248,114 | $ | 845,502 | $ | 728,825
Preferred stock dividends |  | (353) |  | (353) |  | (1,059) |  | (1,059)
Net income applicable to common stock | $ | 422,042 | $ | 247,761 | $ | 844,443 | $ | 727,766
Average common shares outstanding |  | 73,955,184 |  | 80,126,166 |  | 76,173,783 |  | 81,864,634
Average potential dilutive common shares |  | 102,148 |  | 148,776 |  | 130,436 |  | 149,479
Average common shares outstanding - assuming dilution |  | 74,057,332 |  | 80,274,942 |  | 76,304,219 |  | 82,014,113
Basic EPS | $ | 5.71 | $ | 3.09 | $ | 11.09 | $ | 8.89
Diluted EPS | $ | 5.70 | $ | 3.09 | $ | 11.07 | $ | 8.87
As disclosed in Note 18 to the Consolidated Financial Statements, as of September 30, 2022, the Corporation completed its previously announced $400 million accelerated share repurchase transaction (the “March ASR Agreement”) and, in connection therewith, received an initial delivery of 3,483,942 shares of common stock during the first quarter of 2022 and 1,582,922 additional shares of common stock during the third quarter of 2022. The final number of shares delivered was based in the average daily volume weighted average price (“VWAP”) of its common stock, net of discount, during the term of the March ASR Agreement, which amounted to $78.94. On August 2022, the Corporation entered into a $231 million accelerated share repurchase transaction (the “August ASR Agreement”) and, in connection therewith, received an initial delivery of 2,339,241 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 September 30, 2022, for which the Corporation expected to receive additional shares upon the termination of the August ASR Agreement. The dilutive EPS computation excludes 699,181 shares that at September 30, 2022 were estimated to be received under the August ASR Agreement since the effect would be antidilutive. For the quarters and nine months ended September 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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