Earnings Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands, except for share and per share data)
Net income available to common shareholders	$	91,739	$	137,219	$	250,216	$	414,926
Basic weighted average number of common shares outstanding	509,227,538		507,650,668		508,904,353		507,580,197
Plus: Common stock equivalents	2,115,394		1,605,931		1,808,852		1,623,854
Diluted weighted average number of common shares outstanding	511,342,932		509,256,599		510,713,205		509,204,051
Earnings per common share:
Basic	$	0.18	$	0.27	$	0.49	$	0.82
Diluted	0.18		0.27		0.49		0.81

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 3.6 million and 2.8 million for the three months ended September 30, 2024 and 2023, respectively, and 4.0 million and 2.6 million for the nine months ended September 30, 2024 and 2023, respectively.