CASS INFORMATION SYSTEMS INC Earnings Per Share Disclosure
| 2024 | |||||
| Shares outstanding at January 1 | 13,582,375 | ||||
| Issuance of common stock: | |||||
| Employee restricted stock grants | 11,167 | ||||
| Employee restricted stock units vested | 16,484 | ||||
| Performance-based stock vested | 40,213 | ||||
| Directors’ stock grants | 22,030 | ||||
| Shares repurchased | (167,455) | ||||
| Shares forfeited | (710) | ||||
Shares outstanding at December 31 | 13,504,104 | ||||
| December 31, | |||||||||||||||||
| (In thousands except share and per share data) | 2024 | 2023 | 2022 | ||||||||||||||
| Basic: | |||||||||||||||||
| Net income | $ | 19,168 | $ | 30,059 | $ | 34,904 | |||||||||||
| Weighted average common shares outstanding | 13,501,930 | 13,530,005 | 13,552,503 | ||||||||||||||
| Basic earnings per share | $ | 1.42 | $ | 2.22 | $ | 2.58 | |||||||||||
| Diluted: | |||||||||||||||||
| Net income | $ | 19,168 | $ | 30,059 | $ | 34,904 | |||||||||||
| Weighted average common shares outstanding | 13,501,930 | 13,530,005 | 13,552,503 | ||||||||||||||
| Effect of dilutive restricted stock, performance based restricted stock (“PBRS”), and SARs | 275,641 | 286,011 | 255,526 | ||||||||||||||
| Weighted average common shares outstanding assuming dilution | 13,777,571 | 13,816,016 | 13,808,029 | ||||||||||||||
| Diluted earnings per share | $ | 1.39 | $ | 2.18 | $ | 2.53 | |||||||||||
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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.