Earnings per Common Share (Tables)

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share data)	2019		2018		2019		2018
Numerator:
Net income	$	128,458	$	103,878	$	436,924	$	339,964
Preferred stock dividends	4,153		4,124		12,952		11,441
Net income attributable to SLM Corporation common stock	$	124,305	$	99,754	$	423,972	$	328,523
Denominator:
Weighted average shares used to compute basic EPS	424,149		435,468		429,295		434,875
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⁾	3,187		4,551		3,277		4,609
Weighted average shares used to compute diluted EPS	427,336		440,019		432,572		439,484

Basic earnings per common share attributable to SLM Corporation	$	0.29	$	0.23	$	0.99	$	0.76

Diluted earnings per common share attributable to SLM Corporation	$	0.29	$	0.23	$	0.98	$	0.75

________________


⁽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 September 30, 2019 and 2018, securities covering no shares and approximately 0 shares, and for the nine months ended September 30, 2019 and 2018, securities covering no shares and approximately 0 shares, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.