Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

The following table shows the calculation of both basic and diluted earnings per common share for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands, except for share and per share data)
Net income available to common shareholders	$	137,219	$	174,947	$	414,926	$	381,744
Basic weighted average number of common shares outstanding	507,650,668		506,342,200		507,580,197		478,383,342
Plus: Common stock equivalents	1,605,931		2,348,797		1,623,854		2,242,015
Diluted weighted average number of common shares outstanding	509,256,599		508,690,997		509,204,051		480,625,357
Earnings per common share:
Basic	$	0.27	$	0.35	$	0.82	$	0.80
Diluted	0.27		0.34		0.81		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 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 2.8 million and 1.8 million for the three months ended September 30, 2023 and 2022, respectively, and 2.6 million and 1.1 million for the nine months ended September 30, 2023 and 2022, respectively.