Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands, except for share and per share data)
Net income available to common shareholders	$	66,316	$	135,030	$	158,477	$	277,707
Basic weighted average number of common shares outstanding	509,141,252		507,690,043		508,740,986		507,402,268
Plus: Common stock equivalents	1,197,250		952,982		1,696,973		1,674,035
Diluted weighted average number of common shares outstanding	510,338,502		508,643,025		510,437,959		509,076,303
Earnings per common share:
Basic	$	0.13	$	0.27	$	0.31	$	0.55
Diluted	0.13		0.27		0.31		0.55

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 6.9 million and 7.2 million for the three months ended June 30, 2024 and 2023, respectively, and 6.0 million and 3.0 million for the six months ended June 30, 2024 and 2023, respectively.