Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

The following table shows the calculation of both basic and diluted earnings per common share for the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands, except for share data)
Net income available to common shareholders	$	119,408	$	99,202	$	349,286	$	275,727
Basic weighted average number of common shares outstanding	406,824,160		403,833,469		405,986,114		403,714,701
Plus: Common stock equivalents	2,413,841		955,057		2,523,653		1,197,425
Diluted weighted average number of common shares outstanding	409,238,001		404,788,526		408,509,767		404,912,126
Earnings per common share:
Basic	$	0.29	$	0.25	$	0.86	$	0.68
Diluted	0.29		0.25		0.86		0.68

Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of restricted stock units and common stock options to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price per share of Valley’s common stock during the periods presented may have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation along with restricted stock units. Potential anti-dilutive weighted common shares were immaterial for the three and nine months ended September 30, 2021, respectively, as compared to 4.9 million and 2.2 million shares for the three and nine months ended September 30, 2020, respectively.