Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

The following table shows the calculation of both basic and diluted earnings per common share for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(in thousands, except for share data)
Net income available to common shareholders	$	78,719	$	66,387	$	262,173	$	174,810
Basic weighted average number of common shares outstanding	331,797,982		331,486,500		331,716,652		331,180,213
Plus: Common stock equivalents	1,607,214		1,513,742		1,322,784		1,513,867
Diluted weighted average number of common shares outstanding	333,405,196		333,000,242		333,039,436		332,694,080
Earnings per common share:
Basic	$	0.24	$	0.20	$	0.79	$	0.53
Diluted	0.24		0.20		0.79		0.53

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 265 thousand and 475 thousand shares for the three and nine months ended September 30, 2019, respectively. Anti-dilutive warrants and common stock options equaled 2.9 million shares and 3.3 million shares for the three and nine months ended September 30, 2018, respectively. All of Valley's outstanding warrants expired unexercised in the fourth quarter of 2018.