Earnings Per Common Share

6 Months Ended

Jun. 30, 2015

The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2015 and 2014.



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(in thousands, except for share data)
Net income	$	31,991	$	29,520	$	62,332	$	63,355
Basic weighted average number of common shares outstanding	232,565,404		200,472,592		232,452,716		200,301,438
Plus: Common stock equivalents	21,212		—		5,032		—
Diluted weighted average number of common shares outstanding	232,586,616		200,472,592		232,457,748		200,301,438
Earnings per common share:
Basic	$	0.14	$	0.15	$	0.27	$	0.32
Diluted	0.14		0.15		0.27		0.32

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 6.1 million shares for both the three and six months ended June 30, 2015 and 6.6 million shares for the three and six months ended June 30, 2014. Restricted stock units not included in common stock equivalents for both the three and six months ended June 30, 2015 and 2014 were immaterial.