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Earnings per Common Share | 3 Months Ended
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Mar. 31, 2016
Earnings Per Share [Abstract] |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.
|  | Three Months Ended
|  | March 31,
(In thousands, except per share data) |  | 2016 |  | 2015
Numerator: |  |  |  |
Net income attributable to SLM Corporation |  | $ | 65,915 |  |  | $ | 47,699 |
Preferred stock dividends |  | 5,139 |  |  | 4,823 |
Net income attributable to SLM Corporation common stock |  | $ | 60,776 |  |  | $ | 42,876 |
Denominator: |  |  |  |
Weighted average shares used to compute basic EPS |  | 427,111 |  |  | 424,428 |
Effect of dilutive securities: |  |  |  |
Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan ("ESPP") (1)(2) |  | 3,792 |  |  | 7,874 |
Weighted average shares used to compute diluted EPS |  | 430,903 |  |  | 432,302 |
Basic earnings per common share attributable to SLM Corporation |  | $ | 0.14 |  |  | $ | 0.10 |
Diluted earnings per common share attributable to SLM Corporation |  | $ | 0.14 |  |  | $ | 0.10 |
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(1) | Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.
(2) | For the three months ended March 31, 2016 and 2015, securities covering approximately 6 million and 2 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

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