Earnings Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings per Common Share

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.


Years ended December 31, (dollars in thousands, except per share data)	2024		2023		2022
Numerator:
Net income	$	608,325	$	581,391	$	469,014
Preferred stock dividends	18,296		17,705		9,029
Net income attributable to SLM Corporation common stock	$	590,029	$	563,686	$	459,985
Denominator:
Weighted average shares used to compute basic EPS	216,220		231,411		258,439
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)	3,714		2,652		3,064
Weighted average shares used to compute diluted EPS	219,934		234,063		261,503

Basic earnings per common share	$	2.73	$	2.44	$	1.78

Diluted earnings per common share	$	2.68	$	2.41	$	1.76

(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 years ended December 31, 2024, 2023, and 2022, securities covering approximately less than 1 million shares, 1 million shares, and 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.