Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023		2022
	(in thousands, except for share and per share data)
Net income available to common shareholders	$	142,677	$	113,556
Basic weighted average number of common shares outstanding	507,111,295		421,573,843
Plus: Common stock equivalents	2,545,135		1,932,707
Diluted weighted average number of common shares outstanding	509,656,430		423,506,550
Earnings per common share:
Basic	$	0.28	$	0.27
Diluted	0.28		0.27

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 totaled approximately 1.6 million and 113 thousand for the three months ended March 31, 2023 and 2022, respectively.