Earnings per Common Share

3 Months Ended

Mar. 31, 2020

Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.


	Three Months Ended
	March 31,
(In thousands, except per share data)	2020		2019
Numerator:
Net income	$	362,173	$	158,189
Preferred stock dividends	3,464		4,468
Net income attributable to SLM Corporation common stock	$	358,709	$	153,721
Denominator:
Weighted average shares used to compute basic EPS	409,786		434,574
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⁾	2,969		3,674

Weighted average shares used to compute diluted EPS	412,755		438,248

Basic earnings per common share attributable to SLM Corporation	$	0.88	$	0.35

Diluted earnings per common share attributable to SLM Corporation	$	0.87	$	0.35

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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 March 31, 2020 and 2019, securities covering approximately 2 million shares were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.