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Earnings Per Common Share | 12 Months Ended
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Dec. 31, 2024
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.
Years ended December 31, (dollars in thousands, except per share data) |  | 2024 |  | 2023 |  | 2022
Numerator: |  |  |  |  |  |
Net income |  | $ | 608,325 |  |  | $ | 581,391 |  |  | $ | 469,014 |
Preferred stock dividends |  | 18,296 |  |  | 17,705 |  |  | 9,029 |
Net income attributable to SLM Corporation common stock |  | $ | 590,029 |  |  | $ | 563,686 |  |  | $ | 459,985 |
Denominator: |  |  |  |  |  |
Weighted average shares used to compute basic EPS |  | 216,220 |  |  | 231,411 |  |  | 258,439 |
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) |  | 3,714 |  |  | 2,652 |  |  | 3,064 |
Weighted average shares used to compute diluted EPS |  | 219,934 |  |  | 234,063 |  |  | 261,503 |
Basic earnings per common share |  | $ | 2.73 |  |  | $ | 2.44 |  |  | $ | 1.78 |
Diluted earnings per common share |  | $ | 2.68 |  |  | $ | 2.41 |  |  | $ | 1.76 |
(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 years ended December 31, 2024, 2023, and 2022, securities covering approximately less than 1 million shares, 1 million shares, 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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