Sallie Mae 2014 Annual Report Download - page 126

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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
12.
Stockholders' Equity (Continued)
Receivable/Payable with Affiliate
All significant intercompany payable/receivable balances between the Bank and pre-Spin-Off SLM are considered to
be effectively settled for cash in the combined financial statements at the time the transaction is recorded.
13. 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. The determination of the weighted-average shares and diluted potential common shares for pre-
Spin-Off periods are based on the activity at pre-Spin-Off SLM. A reconciliation of the numerators and denominators of the
basic and diluted EPS calculations follows.
Years Ended December 31,
(In thousands, except per share data)
2014
2013
2012
Numerator:
Net income attributable to SLM Corporation .................................
$
194,219
$
258,945
$
217,620
Preferred stock dividends ............................................................
12,933
—
—
Net income attributable to SLM Corporation common stock ...........
$
181,286
$
258,945
$
217,620
Denominator:
Weighted average shares used to compute basic EPS ......................
423,970
440,108
476,118
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted
stock units and Employee Stock Purchase Plan ("ESPP")
(1)(2)
....
8,299
8,441
6,774
Weighted average shares used to compute diluted EPS ...................
432,269
448,549
482,892
Basic earnings per common share attributable to SLM
Corporation ..............................................................................
$
0.43
$
0.59
$
0.46
Diluted earnings per common share attributable to SLM
Corporation ..............................................................................
$
0.42
$
0.58
$
0.45
__________
(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 years ended December 31, 2014, 2013 and 2012, securities covering approximately 3 million, 3 million and 12 million
shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-
dilutive.
F-42