Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands, except for share data)
Net income available to common shareholders	$	93,241	$	117,340	$	206,797	$	229,878
Basic weighted average number of common shares outstanding	506,302,464		405,963,209		464,172,210		405,560,146
Plus: Common stock equivalents	2,176,742		2,697,569		2,148,473		2,592,312
Diluted weighted average number of common shares outstanding	508,479,206		408,660,778		466,320,683		408,152,458
Earnings per common share:
Basic	$	0.18	$	0.29	$	0.45	$	0.57
Diluted	0.18		0.29		0.44		0.56

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, 2022 and 2021.