Earnings (Loss) per Common Share (Tables)

6 Months Ended

Jun. 30, 2020

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)	2020		2019		2020		2019
Numerator:
Net income (loss)	$	(85,211)	$	150,277	$	276,962	$	308,466
Preferred stock dividends	2,478		4,331		5,942		8,799
Net income (loss) attributable to SLM Corporation common stock	$	(87,689)	$	145,946	$	271,020	$	299,667
Denominator:
Weighted average shares used to compute basic EPS	375,009		429,278		392,397		431,911
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		2,794		3,322

Weighted average shares used to compute diluted EPS	375,009		432,253		395,191		435,233

Basic earnings (loss) per common share attributable to SLM Corporation	$	(0.23)	$	0.34	$	0.69	$	0.69

Diluted earnings (loss) per common share attributable to SLM Corporation	$	(0.23)	$	0.34	$	0.69	$	0.69

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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, 2020 and 2019, securities covering approximately 7 million shares and less than 1 million shares, respectively, and for the six months ended June 30, 2020 and 2019, securities covering approximately 3 million shares and less than 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.