Earnings Per Common Share

6 Months Ended

Jun. 30, 2017

The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2017 and 2016.



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(in thousands, except for share data)
Net income available to common shareholders	$	48,268	$	37,230	$	92,566	$	71,620
Basic weighted average number of common shares outstanding	263,958,292		254,381,170		263,878,103		254,228,260
Plus: Common stock equivalents	819,950		390,043		784,760		347,613
Diluted weighted average number of common shares outstanding	264,778,242		254,771,213		264,662,863		254,575,873
Earnings per common share:
Basic	$	0.18	$	0.15	$	0.35	$	0.28
Diluted	0.18		0.15		0.35		0.28

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 equaled approximately 3.3 million shares for both the three and six months ended June 30, 2017 and 4.6 million shares for both the three and six months ended June 30, 2016, respectively.