Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

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, 2020 and 2019:

	Three Months Ended March 31,
	2020		2019
	(in thousands, except for share data)
Net income available to common shareholders	$	84,096	$	110,158
Basic weighted average number of common shares outstanding	403,519,088		331,601,260
Plus: Common stock equivalents	1,905,035		1,233,206
Diluted weighted average number of common shares outstanding	405,424,123		332,834,466
Earnings per common share:
Basic	$	0.21	$	0.33
Diluted	0.21		0.33

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 to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price per share 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 1.9 million shares and 1.3 million shares for the three months ended March 31, 2020 and March 31, 2019, respectively.