Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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,
(Dollars in thousands, except per share data)	2024		2023
Numerator:
Net income	$	289,931	$	118,518
Preferred stock dividends	4,653		4,063
Net income attributable to SLM Corporation common stock	$	285,278	$	114,455
Denominator:
Weighted average shares used to compute basic EPS	220,416		241,497
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)	3,429		2,052
Weighted average shares used to compute diluted EPS	223,845		243,549
Basic earnings per common share	$	1.29	$	0.47
Diluted earnings per common share	$	1.27	$	0.47

(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, 2024 and 2023, securities covering approximately 2 million shares and 4 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.