Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

The following table shows the calculation of both basic and diluted earnings per common share for the three and nine months ended September 30, 2015 and 2014.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands, except for share data)
Net income available to common shareholders	$	33,937	$	27,682	$	96,269	$	91,037
Basic weighted average number of common shares outstanding	232,737,953		200,614,091		232,548,840		200,406,801
Plus: Common stock equivalents	42,266		—		16,855		—
Diluted weighted average number of common shares outstanding	232,780,219		200,614,091		232,565,695		200,406,801
Earnings per common share:
Basic	$	0.15	$	0.14	$	0.41	$	0.45
Diluted	0.15		0.14		0.41		0.45

Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of performance-based restricted stock units, common stock options and warrants to purchase Valley’s common shares. Common stock options and warrants with exercise prices that exceed the average market price of Valley’s common stock during the periods presented have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation. Anti-dilutive common stock options and warrants totaled approximately 5.0 million shares for both the three and nine months ended September 30, 2015 and 6.6 million shares for the three and nine months ended September 30, 2014. Restricted stock units not included in common stock equivalents for both the three and nine months ended September 30, 2015 and 2014 were immaterial.