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Net income per common share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share  
Net Income (Loss) Per Common Share
Note 31 – Net income per common share
The
 
following table
 
sets
 
forth the
 
computation of
 
net
 
income per
 
common share
 
(“EPS”), basic
 
and diluted,
 
for the
 
years
 
ended
December 31, 2022, 2021 and 2020:
(In thousands, except per share information)
2022
2021
2020
Net income
$
1,102,641
$
934,889
$
506,622
Preferred stock dividends
(1,412)
(1,412)
(1,758)
Net income applicable to common stock
$
1,101,229
$
933,477
$
504,864
Average common shares outstanding
75,147,263
81,263,027
85,882,371
Average potential dilutive common shares
 
126,740
157,127
92,888
Average common shares outstanding - assuming dilution
75,274,003
81,420,154
85,975,259
Basic EPS
$
14.65
$
11.49
$
5.88
Diluted EPS
$
14.63
$
11.46
$
5.87
As
 
disclosed
 
in
 
Note
 
20,
 
as
 
of
 
September
 
30,
 
2022,
 
the
 
Corporation completed
 
its
 
$
400
 
million
 
accelerated
 
share
 
repurchase
transaction (“ASR”)
 
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
 
the
 
Corporation’s
 
common
 
stock,
 
net
 
of
discount, during the term of the ASR, which amounted
 
to $
78.94
.
 
As of December 31,
 
2022, the Corporation completed its
 
$
231
 
million accelerated share repurchase transaction
 
entered on August
2022, (the “August ASR Agreement”) and, in connection therewith, received an initial delivery of
2,339,241
 
shares of common stock
during the third quarter of 2022 and
840,024
 
additional shares of common stock during the fourth quarter of 2022.
 
The final number
of shares
 
delivered was based
 
in the
 
average daily volume
 
weighted average price
 
(“VWAP”) of
 
the Corporation’s common
 
stock,
net of discount, during the term of the ASR, which
 
amounted to $
72.66
.
 
Potential common shares consist of shares of common stock issuable under the assumed exercise of stock options, restricted stock
and
 
performance
 
share
 
awards
 
using
 
the
 
treasury
 
stock
 
method.
 
This
 
method
 
assumes
 
that
 
the
 
potential
 
common
 
shares
 
are
issued and
 
the proceeds
 
from exercise,
 
in addition
 
to the
 
amount of
 
compensation cost
 
attributed to
 
future services,
 
are used
 
to
purchase shares of common stock at the exercise date. The difference between the number of potential common shares issued and
the shares
 
of common
 
stock
 
purchased is
 
added as
 
incremental shares
 
to
 
the actual
 
number of
 
shares outstanding
 
to
 
compute
diluted
 
earnings
 
per
 
share.
 
Warrants,
 
stock
 
options,
 
restricted
 
stock
 
and
 
performance share
 
awards,
 
if
 
any,
 
that
 
result
 
in
 
lower
potential common shares
 
issued than shares
 
of common stock
 
purchased under the treasury
 
stock method are
 
not included in
 
the
computation of dilutive earnings per share
 
since their inclusion would have an antidilutive effect in earnings
 
per common share.