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Earnings per Common Share (Tables) | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
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 September 30, |  | Nine Months Ended September 30,
(Dollars in thousands, except per share data) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 29,365 |  |  | $ | 75,172 |  |  | $ | 412,948 |  |  | $ | 546,057 |
Preferred stock dividends |  | 4,642 |  |  | 2,531 |  |  | 12,979 |  |  | 5,563 |
Net income attributable to SLM Corporation common stock |  | $ | 24,723 |  |  | $ | 72,641 |  |  | $ | 399,969 |  |  | $ | 540,494 |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares used to compute basic EPS |  | 226,120 |  |  | 251,266 |  |  | 234,170 |  |  | 263,098 |
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) |  | 2,680 |  |  | 2,450 |  |  | 2,423 |  |  | 2,967 |
Weighted average shares used to compute diluted EPS |  | 228,800 |  |  | 253,716 |  |  | 236,593 |  |  | 266,065 |
Basic earnings per common share |  | $ | 0.11 |  |  | $ | 0.29 |  |  | $ | 1.71 |  |  | $ | 2.05 |
Diluted earnings per common share |  | $ | 0.11 |  |  | $ | 0.29 |  |  | $ | 1.69 |  |  | $ | 2.03 |
(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, 2023 and 2022, securities covering approximately 1 million shares and 1 million shares, respectively, and for the nine months ended September 30, 2023 and 2022, securities covering approximately 1 million and 1 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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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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