Earnings per Common Share

6 Months Ended

Jun. 30, 2026

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)	2026		2025		2026		2025
Numerator:
Net income	$	58,525	$	71,272	$	366,479	$	375,812
Preferred stock dividends	3,581		3,972		7,136		7,928
Net income attributable to SLM Corporation common stock	$	54,944	$	67,300	$	359,343	$	367,884
Denominator:
Weighted average shares used to compute basic EPS	188,576		209,282		191,999		209,978
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, dividend equivalent units, and Employee Stock Purchase Plan (“ESPP”) (1)(2)	1,808		3,938		2,110		4,120

Weighted average shares used to compute diluted EPS	190,384		213,220		194,109		214,098

Basic earnings per common share	$	0.29	$	0.32	$	1.87	$	1.75

Diluted earnings per common share	$	0.29	$	0.32	$	1.85	$	1.72

(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, dividend equivalent units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

(2) For both the three months ended June 30, 2026 and 2025, securities covering less than 1 million shares, and for both the six months ended June 30, 2026 and 2025, securities covering less than 1 million shares were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.