Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2016 and 2015.



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands, except for share data)
Net income available to common shareholders	$	37,230	$	31,991	$	71,620	$	62,332
Basic weighted average number of common shares outstanding	254,381,170		232,565,404		254,228,260		232,452,716
Plus: Common stock equivalents	390,043		21,212		347,613		5,032
Diluted weighted average number of common shares outstanding	254,771,213		232,586,616		254,575,873		232,457,748
Earnings per common share:
Basic	$	0.15	$	0.14	$	0.28	$	0.27
Diluted	0.15		0.14		0.28		0.27

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 for both the three and six months ended June 30, 2016 and 6.1 million for both the three and six months ended June 30, 2015.