Earnings per Common Share

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
(Dollars in thousands, except per share data)	2024		2023		2024		2023
Numerator:
Net income	$	251,993	$	265,065	$	541,924	$	383,583
Preferred stock dividends	4,628		4,274		9,281		8,337
Net income attributable to SLM Corporation common stock	$	247,365	$	260,791	$	532,643	$	375,246
Denominator:
Weighted average shares used to compute basic EPS	218,924		235,061		219,670		238,261
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)	3,543		2,531		3,486		2,293

Weighted average shares used to compute diluted EPS	222,467		237,592		223,156		240,554

Basic earnings per common share	$	1.13	$	1.11	$	2.42	$	1.57

Diluted earnings per common share	$	1.11	$	1.10	$	2.39	$	1.56

(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 June 30, 2024 and 2023, securities covering approximately less than 1 million shares and 1 million shares, respectively, and for the six months ended June 30, 2024 and 2023, securities covering approximately less than 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.