Earnings Per Common Share

3 Months Ended

Mar. 31, 2012

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 2. Earnings Per Common Share

The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2012 and 2011:

	Three Months Ended March 31,
	2012		2011
	(in thousands, except for share data)
Net income	$	34,531	$	36,585
Basic weighted-average number of common shares outstanding		196,930,733		178,154,684
Plus: common stock equivalents		31,182		8,104
Diluted weighted-average number of common shares outstanding		196,961,915		178,162,788
Earnings per common share:
Basic	$	0.18	$	0.21
Diluted		0.18		0.21

Common stock equivalents, in the table above, represent the effect of outstanding common stock options and warrants to purchase Valley's common shares, excluding those with exercise prices that exceed the average market price of Valley's common stock during the periods presented and therefore, would have an anti-dilutive effect on the diluted earnings per common share calculation. Anti-dilutive common stock options and warrants totaled approximately 7.4 million shares and 7.0 million shares for the three months ended March 31, 2012 and 2011, respectively.