NICOLET BANKSHARES INC Earnings Per Share Disclosure
| Years Ended December 31, | |||||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Net income | $ | 150,686 | $ | 124,059 | $ | 61,516 | |||||||||||
| Weighted average common shares outstanding | 14,980 | 15,049 | 14,743 | ||||||||||||||
| Effect of dilutive common stock awards | 424 | 367 | 328 | ||||||||||||||
| Diluted weighted average common shares outstanding | 15,404 | 15,416 | 15,071 | ||||||||||||||
| Basic earnings per common share | $ | 10.06 | $ | 8.24 | $ | 4.17 | |||||||||||
| Diluted earnings per common share | $ | 9.78 | $ | 8.05 | $ | 4.08 | |||||||||||
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.