Earnings Per Common Share

9 Months Ended

Sep. 30, 2016

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands, except for share data)
Net income available to common shareholders	$	41,045	$	33,937	$	112,665	$	96,269
Basic weighted average number of common shares outstanding	254,473,994		232,737,953		254,310,769		232,548,840
Plus: Common stock equivalents	466,313		42,266		387,824		16,855
Diluted weighted average number of common shares outstanding	254,940,307		232,780,219		254,698,593		232,565,695
Earnings per common share:
Basic	$	0.16	$	0.15	$	0.44	$	0.41
Diluted	0.16		0.15		0.44		0.41

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 nine months ended September 30, 2016 and 5.0 million shares for both the three and nine months ended September 30, 2015.