Earnings Per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

Note 2. Earnings Per Common Share

The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2013 and 2012:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
	(in thousands, except for share data)
Net income	$	33,922	$	32,820	$	65,232	$	67,351
Basic weighted-average number of common shares outstanding		199,244,243		197,246,322		199,085,501		197,088,528
Plus: Common stock equivalents		—		3,846		—		17,110
Diluted weighted-average number of common shares outstanding		199,244,243		197,250,168		199,085,501		197,105,638
Earnings per common share:
Basic	$	0.17	$	0.17	$	0.33	$	0.34
Diluted		0.17		0.17		0.33		0.34

Common stock equivalents, in the table above, represent the effect of outstanding common stock options and warrants to purchase Valley’s common shares, excluding those with exercise prices that exceed the average market price of Valley’s common stock during the periods presented and therefore, would have an anti-dilutive effect on the diluted earnings per common share calculation. Anti-dilutive common stock options and warrants totaled approximately 7.2 million shares for both the three and six months ended June 30, 2013, and 7.7 million shares for both the three and six months ended June 30, 2012.