Earnings Per Common Share

3 Months Ended

Mar. 31, 2016

The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2016 and 2015.



	Three Months Ended March 31,
	2016		2015
	(in thousands, except for share data)
Net income available to common shareholders	$	34,390	$	30,341
Basic weighted average number of common shares outstanding	254,075,349		232,338,775
Plus: Common stock equivalents	272,071		3,146
Diluted weighted average number of common shares outstanding	254,347,420		232,341,921
Earnings per common share:
Basic	$	0.14	$	0.13
Diluted	0.14		0.13

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 the diluted earnings per share calculation. Anti-dilutive common stock options and warrants equaled approximately 4.6 million shares and 6.2 million for the three months ended March 31, 2016 and 2015, respectively.