Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
	(in thousands, except for share and per share data)
Net income available to common shareholders	$	92,161	$	142,677
Basic weighted average number of common shares outstanding	508,340,719		507,111,295
Plus: Common stock equivalents	2,293,226		2,545,135
Diluted weighted average number of common shares outstanding	510,633,945		509,656,430
Earnings per common share:
Basic	$	0.18	$	0.28
Diluted	0.18		0.28

Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of RSUs and common stock options to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price 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 RSUs. Potential anti-dilutive weighted common shares totaled approximately 1.3 million and 1.6 million for the three months ended March 31, 2024 and 2023, respectively.