20.  EARNINGS PER SHARE

The factors used in the earnings per share computation follow (dollars in thousands, except per share data):

   
December 31,
 
   
2025
   
2024
   
2023
 
Net income
 
$
58,471
   
$
49,717
   
$
62,745
 
                         
Weighted average common shares outstanding - basic
   
16,283,804
     
16,410,336
     
16,843,753
 
Effect of dilutive securities:
                       
Stock based compensation awards
   
699,263
     
621,002
     
489,459
 
Weighted average common shares outstanding - diluted
   
16,983,067
     
17,031,338
     
17,333,212
 
 
                       
Basic earnings per share
 
$
3.59
   
$
3.03
   
$
3.73
 
Diluted earnings per share
 
$
3.44
   
$
2.92
   
$
3.62
 
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Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 7, 2025
2023Mar 15, 2024
2022Mar 13, 2023
2021Mar 8, 2022
2020Mar 11, 2021
2019Mar 25, 2020

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.