Earnings Per Common Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2019 and 2018:

	Three Months Ended March 31,
	2019		2018
	(in thousands, except for share data)
Net income available to common shareholders	$	110,158	$	38,793
Basic weighted average number of common shares outstanding	331,601,260		330,727,416
Plus: Common stock equivalents	1,233,206		1,738,111
Diluted weighted average number of common shares outstanding	332,834,466		332,465,527
Earnings per common share:
Basic	$	0.33	$	0.12
Diluted	0.33		0.12

Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of 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 equaled approximately 1.3 million for the three months ended March 31, 2019. Anti-dilutive warrants and common stock options equaled 2.9 million shares for the three months ended March 31, 2018. All of Valley's outstanding warrants expired unexercised in the fourth quarter of 2018.