Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

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
	March 31,
(In thousands, except per share data)	2021		2020
Numerator:
Net income	$	641,207	$	362,173
Preferred stock dividends	1,201		3,464
Net income attributable to SLM Corporation common stock	$	640,006	$	358,709
Denominator:
Weighted average shares used to compute basic EPS	361,042		409,786
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)	5,198		2,969

Weighted average shares used to compute diluted EPS	366,240		412,755

Basic earnings per common share attributable to SLM Corporation	$	1.77	$	0.88

Diluted earnings per common share attributable to SLM Corporation	$	1.75	$	0.87

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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, 2021 and 2020, securities covering approximately 1 million shares and 2 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.