Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2017 and 2016.



	Three Months Ended March 31,
	2017		2016
	(in thousands, except for share data)
Net income available to common shareholders	$	44,298	$	34,390
Basic weighted average number of common shares outstanding	263,797,024		254,075,349
Plus: Common stock equivalents	749,242		272,071
Diluted weighted average number of common shares outstanding	264,546,266		254,347,420
Earnings per common share:
Basic	$	0.17	$	0.14
Diluted	0.17		0.14

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 3.2 million and 4.6 million shares for the three months ended March 31, 2017 and 2016, respectively.