Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2019

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)	2019		2018		2019		2018
Numerator:
Net income	$	150,277	$	109,832	$	308,466	$	236,086
Preferred stock dividends	4,331		3,920		8,799		7,317
Net income attributable to SLM Corporation common stock	$	145,946	$	105,912	$	299,667	$	228,769
Denominator:
Weighted average shares used to compute basic EPS	429,278		435,187		431,911		434,573
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units and Employee Stock Purchase Plan (“ESPP”) ⁽¹⁾⁽²⁾	2,975		4,258		3,322		4,639
Weighted average shares used to compute diluted EPS	432,253		439,445		435,233		439,212

Basic earnings per common share attributable to SLM Corporation	$	0.34	$	0.24	$	0.69	$	0.53

Diluted earnings per common share attributable to SLM Corporation	$	0.34	$	0.24	$	0.69	$	0.52

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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, performance 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, 2019 and 2018, securities covering less than 1 million shares, and for the six months ended June 30, 2019 and 2018, securities covering less than 1 million shares, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.