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Earnings Per Common Share
9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The following table shows the calculation of both basic and diluted earnings per common share for the three and nine months ended September 30, 2022 and 2021:
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
 (in thousands, except for share data)
Net income available to common shareholders$174,947 $119,408 $381,744 $349,286 
Basic weighted average number of common shares outstanding
506,342,200 406,824,160 478,383,342 405,986,114 
Plus: Common stock equivalents2,348,797 2,413,841 2,242,015 2,523,653 
Diluted weighted average number of common shares outstanding
508,690,997 409,238,001 480,625,357 408,509,767 
Earnings per common share:
Basic$0.35 $0.29 $0.80 $0.86 
Diluted0.34 0.29 0.79 0.86 

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, 2022 and 2021.