Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
	(in thousands, except for share data)
Net income available to common shareholders	$	113,556	$	112,538
Basic weighted average number of common shares outstanding	421,573,843		405,152,605
Plus: Common stock equivalents	1,932,707		2,484,160
Diluted weighted average number of common shares outstanding	423,506,550		407,636,765
Earnings per common share:
Basic	$	0.27	$	0.28
Diluted	0.27		0.28

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 months ended March 31, 2022 and 2021.