FIRST BUSEY CORP /NV/BUSE

FIRST BUSEY CORP /NV/ Earnings Per Share Disclosure

10-KFiled Feb 26, 20262 min read
NOTE 21. EARNINGS PER COMMON SHARE
Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Net income available to common stockholders is net income less dividends that have been declared on Busey’s preferred stock (all of which is non-cumulative). Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if Busey’s outstanding stock options and SSARs were exercised, stock units were vested, and ESPP shares were issued.
Earnings per common share have been computed as follows:
Years Ended December 31,
(dollars in thousands, except per share amounts)202520242023
Net income available to common stockholders$125,386 $113,691 $122,565 
 
Weighted average number of common shares outstanding, basic84,007,614 56,610,032 55,432,322 
Dilutive effect of common stock equivalents:
Options47 753 — 
Warrants— — 324 
SSARs
188,571——
RSU awards822,771 662,341 647,217 
PSU awards85,022 243,166 151,190 
DSU awards18,335 19,956 18,154 
ESPP11,266 6,753 6,941 
Weighted average number of common shares outstanding, diluted85,133,626 57,543,001 56,256,148 
 
Basic earnings per common share$1.49 $2.01 $2.21 
Diluted earnings per common share1.47 1.98 2.18 
Shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:
Years Ended December 31,
202520242023
Anti-dilutive common stock equivalents
Options11,3309,58821,981
RSU awards1,1243,21639,445
PSU awards178,574140,937106,955
Total anti-dilutive common stock equivalents191,028153,741168,381

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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