Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

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, 2015 and 2014.

	Three Months Ended March 31,
	2015		2014
	(in thousands, except for share data)
Net income	$	30,341	$	33,835
Basic weighted average number of common shares outstanding	232,338,775		200,128,384
Plus: Common stock equivalents	3,146		—
Diluted weighted average number of common shares outstanding	232,341,921		200,128,384
Earnings per common share:
Basic	$	0.13	$	0.17
Diluted	0.13		0.17

Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of performance-based restricted stock units, common stock options and warrants to purchase Valley’s common shares. Common stock options and warrants with exercise prices that exceed the average market price of Valley’s common stock during the periods presented have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from diluted earnings per share calculation. Anti-dilutive common stock options and warrants totaled approximately 6.2 million shares and 6.6 million shares for the three months ended March 31, 2015 and 2014, respectively. Restricted stock units not included in common stock equivalents at March 31, 2015 and 2014 were immaterial.