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Earnings per Common Share | 9 Months Ended
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Sep. 30, 2021
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 |  | Nine Months Ended
|  | September 30, |  | September 30,
(In thousands, except per share data) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 72,840 |  |  | $ | 171,028 |  |  | $ | 854,248 |  |  | $ | 447,990 |
Preferred stock dividends |  | 1,166 |  |  | 2,058 |  |  | 3,559 |  |  | 8,000 |
Net income attributable to SLM Corporation common stock |  | $ | 71,674 |  |  | $ | 168,970 |  |  | $ | 850,689 |  |  | $ | 439,990 |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares used to compute basic EPS |  | 299,890 |  |  | 375,094 |  |  | 324,148 |  |  | 386,587 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units and Employee Stock Purchase Plan (“ESPP”) (1)(2) |  | 4,621 |  |  | 2,824 |  |  | 4,916 |  |  | 2,804 |
Weighted average shares used to compute diluted EPS |  | 304,511 |  |  | 377,918 |  |  | 329,064 |  |  | 389,391 |
Basic earnings per common share attributable to SLM Corporation |  | $ | 0.24 |  |  | $ | 0.45 |  |  | $ | 2.62 |  |  | $ | 1.14 |
Diluted earnings per common share attributable to SLM Corporation |  | $ | 0.24 |  |  | $ | 0.45 |  |  | $ | 2.59 |  |  | $ | 1.13 |
________________ (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance 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, 2021 and 2020, securities covering approximately 1 million shares and 2 million shares, respectively, and for the nine months ended September 30, 2021 and 2020, securities covering approximately 1 million shares and no shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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