STIFEL FINANCIAL CORP Earnings Per Share Disclosure
Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method.
The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2025, 2024, and 2023 (in thousands, except per share data):
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Net income |
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$ |
683,779 |
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$ |
731,379 |
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$ |
522,536 |
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Preferred dividends |
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|
37,281 |
|
|
|
37,281 |
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|
|
37,281 |
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Net income available to common shareholders |
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$ |
646,498 |
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|
$ |
694,098 |
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|
$ |
485,255 |
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Shares for basic and diluted calculation: |
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Average shares used in basic computation |
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|
103,497 |
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|
|
104,066 |
|
|
|
106,661 |
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Dilutive effect of stock options and units (1) |
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|
6,555 |
|
|
|
6,909 |
|
|
|
6,792 |
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Average shares used in diluted computation |
|
|
110,052 |
|
|
|
110,975 |
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|
|
113,453 |
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Earnings per common share: |
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Basic |
|
$ |
6.25 |
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|
$ |
6.67 |
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|
$ |
4.55 |
|
Diluted |
|
$ |
5.87 |
|
|
$ |
6.25 |
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|
$ |
4.28 |
|
For the years ended December 31, 2025, 2024, and 2023, the anti-dilutive effect from restricted stock units was immaterial.
Cash Dividends
During the year ended December 31, 2025, we declared and paid cash dividends of $1.84 per common share. During the year ended December 31, 2024, we declared and paid cash dividends of $1.68 per common share. During the year ended December 31, 2023, we declared and paid cash dividends of $1.44 per common share.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Mar 1, 2016 | |
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.