Earnings Per Common Share

6 Months Ended

Jun. 30, 2019

The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(in thousands, except for share data)
Net income available to common shareholders	$	73,296	$	69,630	$	183,454	$	108,423
Basic weighted average number of common shares outstanding	331,748,552		331,318,381		331,675,313		331,024,531
Plus: Common stock equivalents	1,211,250		1,577,102		1,254,046		1,575,460
Diluted weighted average number of common shares outstanding	332,959,802		332,895,483		332,929,359		332,599,991
Earnings per common share:
Basic	$	0.22	$	0.21	$	0.55	$	0.33
Diluted	0.22		0.21		0.55		0.33

Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of 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 equaled approximately 482 thousand and 494 thousand shares for the three and six months ended June 30, 2019, respectively. Anti-dilutive warrants and common stock options equaled 2.9 million shares for both the three and six months ended June 30, 2018. All of Valley's outstanding warrants expired unexercised in the fourth quarter of 2018.