Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of earnings per share, basic and diluted

A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share data)	2018		2017		2018		2017
Numerator:
Net income	$	103,878	$	76,371	$	339,964	$	241,931
Preferred stock dividends	4,124		3,028		11,441		12,577
Net income attributable to SLM Corporation common stock	$	99,754	$	73,343	$	328,523	$	229,354
Denominator:
Weighted average shares used to compute basic EPS	435,468		431,718		434,875		430,958
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”) ⁽¹⁾⁽²⁾	4,551		6,701		4,609		7,464
Weighted average shares used to compute diluted EPS	440,019		438,419		439,484		438,422

Basic earnings per common share attributable to SLM Corporation	$	0.23	$	0.17	$	0.76	$	0.53

Diluted earnings per common share attributable to SLM Corporation	$	0.23	$	0.17	$	0.75	$	0.52

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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 September 30, 2018 and 2017, securities covering approximately 0 and 0 shares, respectively, and for the nine months ended September 30, 2018 and 2017, securities covering approximately 0 and 0 shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.