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Earnings per Common Share (Tables)
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Schedule of earnings per share, basic and diluted
A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
(In thousands, except per share data)
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 
 
 
 
 
 
 
Net income
 
$
70,617

 
$
57,205

 
$
165,560

 
$
123,120

Preferred stock dividends
 
3,974

 
5,243

 
9,549

 
10,382

Net income attributable to SLM Corporation common stock
 
$
66,643

 
$
51,962

 
$
156,011

 
$
112,738

Denominator:
 
 
 
 
 
 
 
 
Weighted average shares used to compute basic EPS
 
431,245

 
427,942

 
430,572

 
427,526

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”) (1)(2)
 
6,870

 
3,854

 
7,852

 
3,823

Weighted average shares used to compute diluted EPS
 
438,115

 
431,796

 
438,424

 
431,349

 
 
 
 
 
 
 
 
 
Basic earnings per common share attributable to SLM Corporation
 
$
0.15

 
$
0.12

 
$
0.36

 
$
0.26

 
 
 
 
 
 
 
 
 
Diluted earnings per common share attributable to SLM Corporation
 
$
0.15

 
$
0.12

 
$
0.35

 
$
0.26



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(1) 
Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.
(2) 
For the three months ended June 30, 2017 and 2016, securities covering approximately 0 and 1 million shares, respectively, and for the six months ended June 30, 2017 and 2016, securities covering approximately 0 and 4 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.