Stock Yards Bancorp, Inc. Earnings Per Share Disclosure
(16) Net Income per Share
The following table reflects net income (numerator) and average shares outstanding (denominator) for basic and diluted net income per share computations:
|
(in thousands, except per share data) |
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|
Years Ended December 31, |
2025 |
2024 |
2023 |
|||||||||
|
Net income available to stockholders |
$ | 140,150 | $ | 114,539 | $ | 107,748 | ||||||
|
Weighted average shares outstanding - basic |
29,363 | 29,288 | 29,212 | |||||||||
|
Dilutive shares |
144 | 133 | 131 | |||||||||
|
Weighted average shares outstanding - diluted |
29,507 | 29,421 | 29,343 | |||||||||
|
Net income per share - basic |
$ | 4.77 | $ | 3.91 | $ | 3.69 | ||||||
|
Net income per share - diluted |
$ | 4.75 | $ | 3.89 | $ | 3.67 | ||||||
Certain SARs that were excluded from the EPS calculation because their impact was antidilutive follows:
|
Years Ended December 31, (shares in thousands) |
2025 |
2024 |
2023 |
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|
Antidilutive SARs |
31 | 96 | 94 | |||||||||
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.