Net income (loss) per common share

9 Months Ended

Sep. 30, 2017

Earnings Per Share

Net Income (Loss) Per Common Share

Note 27 – Net income per common share

The following table sets forth the computation of netincomeper common share (“EPS”), basic and diluted, for the quarters and nine months ended September 30,2017and 2016:

		Quarters ended September 30,				Nine months ended September 30,
(In thousands, except per share information)		2017		2016		2017		2016
Net income		$	20,664	$	46,810	$	209,835	$	220,796
Preferred stock dividends			(930)		(930)		(2,792)		(2,792)
Net income applicable to common stock		$	19,734	$	45,880	$	207,043	$	218,004
Average common shares outstanding			101,652,352		103,296,443		102,057,607		103,243,851
Average potential dilutive common shares			111,520		168,942		127,937		140,098
Average common shares outstanding -
	assuming dilution		101,763,872		103,465,385		102,185,544		103,383,949
Basic EPS		$	0.19	$	0.44	$	2.03	$	2.11
Diluted EPS		$	0.19	$	0.44	$	2.03	$	2.11

As disclosed in Note 19, during the quarter ended March 31, 2017, the Corporation completed a $75 million privately negotiated accelerated share repurchase transaction. As part of this transaction, the Corporation entered into a forward contract in which the final number of shares delivered at settlement was based on the average daily volume weighted average price (“VWAP”) of its common stock, net of a discount, during the term of the ASR. Based on the discounted VWAP of $40.60, the Corporation received 1,847,372 shares of its outstanding common stock.

For the quarter and nine months ended September 30,2017, the Corporation calculated the impact of potential dilutive common shares under the treasury method, consistent with the method used for the preparation of the financial statements for the year ended December 31, 2016. For a discussion of the calculation under the treasury stock method, refer to Note 35 of the consolidated financial statements included in the 2016 Form 10-K.

For the quarters and nine months ended September 30,2017 and 2016, there were no stock options outstanding.