Earnings Per Common Share

6 Months Ended

Jun. 30, 2021

The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2021 and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands, except for share data)
Net income available to common shareholders	$	117,340	$	92,429	$	229,878	$	176,525
Basic weighted average number of common shares outstanding	405,963,209		403,790,242		405,560,146		403,654,665
Plus: Common stock equivalents	2,697,569		841,603		2,592,312		1,388,518
Diluted weighted average number of common shares outstanding	408,660,778		404,631,845		408,152,458		405,043,183
Earnings per common share:
Basic	$	0.29	$	0.23	$	0.57	$	0.44
Diluted	0.29		0.23		0.56		0.44

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 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 along with restricted stock units. Potential anti-dilutive weighted common shares were immaterial for the three and six months ended June 30, 2021, respectively, as compared to 2.7 million and 2.3 million shares for the three and six months ended June 30, 2020, respectively.