Earnings Per Common Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2014 and 2013: 

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(in thousands, except for share data)
Net income	$	29,520	$	33,922	$	63,355	$	65,232
Basic weighted average number of common shares outstanding	200,472,592		199,244,243		200,301,438		199,085,501
Diluted weighted average number of common shares outstanding	200,472,592		199,244,243		200,301,438		199,085,501
Earnings per common share:
Basic	$	0.15	$	0.17	$	0.32	$	0.33
Diluted	0.15		0.17		0.32		0.33

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 June 30, 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 both the three and six months ended June 30, 2014 and 7.2 million shares for both the three and six months ended June 30, 2013.