Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2020 and 2019:



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands, except for share data)
Net income available to common shareholders	$	92,429	$	73,296	$	176,525	$	183,454
Basic weighted average number of common shares outstanding	403,790,242		331,748,552		403,654,665		331,675,313
Plus: Common stock equivalents	841,603		1,211,250		1,388,518		1,254,046
Diluted weighted average number of common shares outstanding	404,631,845		332,959,802		405,043,183		332,929,359
Earnings per common share:
Basic	$	0.23	$	0.22	$	0.44	$	0.55
Diluted	0.23		0.22		0.44		0.55

Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of restricted stock units and 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 2.7 million shares and 2.3 million shares for the three and six months ended June 30, 2020, respectively, and 482 thousand shares and 494 thousand shares for the three and six months ended June 30, 2019, respectively.