Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands, except for share data)
Net income available to common shareholders	$	99,202	$	78,719	$	275,727	$	262,173
Basic weighted average number of common shares outstanding	403,833,469		331,797,982		403,714,701		331,716,652
Plus: Common stock equivalents	955,057		1,607,214		1,197,425		1,322,784
Diluted weighted average number of common shares outstanding	404,788,526		333,405,196		404,912,126		333,039,436
Earnings per common share:
Basic	$	0.25	$	0.24	$	0.68	$	0.79
Diluted	0.25		0.24		0.68		0.79

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 and restricted stock units during the periods presented may have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation. Potential anti-dilutive weighted common shares equaled approximately 4.9 million shares and 2.2 million shares for the three and nine months ended September 30, 2020, respectively, and 265 thousand shares and 475 thousand shares for the three and nine months ended September 30, 2019, respectively.