Earnings Per Common Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2014 and 2013: 

	Three Months Ended    March 31,
	2014		2013
	(in thousands, except for share data)
Net income	$	33,835	$	31,310
Basic weighted-average number of common shares outstanding	200,128,384		198,924,995
Diluted weighted-average number of common shares outstanding	200,128,384		198,924,995
Earnings per common share:
Basic	$	0.17	$	0.16
Diluted	0.17		0.16

Common stock equivalents represent the effect of outstanding common stock options and warrants to purchase Valley’s common shares, excluding those with exercise prices that exceed the average market price of Valley’s common stock during the periods presented and therefore would have an anti-dilutive effect on the diluted earnings per common share calculation. All of Valley's common stock equivalents were anti-dilutive as of March 31, 2014 and 2013, and therefore excluded from the diluted weighted-average number of shares outstanding presented in the above table. Anti-dilutive common stock options and warrants totaled approximately 6.6 million shares for the three months ended March 31, 2014 and 7.2 million shares for the three months ended March 31, 2013.