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Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Computation of Earnings per Share
The computation of earnings per share is as follows:
 
Three Months Ended
 
 
March 31,
 
(Amounts in thousands, except per share data)
2020
 
2019
 
Net income/(loss) from continuing operations applicable to Piper Sandler Companies
$
(14,727
)
 
$
19,561

 
Net loss from discontinued operations
—

 
(139
)
 
Net income/(loss) applicable to Piper Sandler Companies
(14,727
)
 
19,422

 
Earnings allocated to participating securities
—

 
(1,587
)
(1)
Net income/(loss) applicable to Piper Sandler Companies' common shareholders
$
(14,727
)
 
$
17,835

(2)
 
 
 
 
 
Shares for basic and diluted calculations:
 
 
 
 
Average shares used in basic computation
13,796

 
13,204

 
Restricted stock units
106

 
205

 
Non-participating restricted shares
509

 
121

 
Average shares used in diluted computation (3)
14,411

 
13,530

 
 
 
 
 
 
Earnings/(loss) per basic common share:
 
 
 
 
Income/(loss) from continuing operations
$
(1.07
)
 
$
1.36

 
Loss from discontinued operations
—

 
(0.01
)
 
Earnings/(loss) per basic common share
$
(1.07
)
 
$
1.35

 
 
 
 
 
 
Earnings/(loss) per diluted common share:
 
 
 
 
Income/(loss) from continuing operations
$
(1.07
)
 
$
1.33

 
Loss from discontinued operations
—

 
(0.01
)
 
Earnings/(loss) per diluted common share (3)
$
(1.07
)
 
$
1.32

 
(1)
Represents the allocation of distributed and undistributed earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Participating securities include the Company's unvested restricted shares issued prior to the 2019 Annual Grant. The weighted average participating shares outstanding were 1,130,844 for the three months ended March 31, 2019.
(2)
Net income/(loss) applicable to Piper Sandler Companies' common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options, restricted stock units and non-participating restricted shares to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Sandler Companies' common shareholders and participating securities for purposes of calculating diluted and basic EPS.
(3)
Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred, or for periods prior to 2020 in which cash dividends exceed net income resulting in an undistributed loss. Common shares of 533,207 were excluded from diluted EPS for the three months ended March 31, 2019, as the Company had an undistributed loss for this period under the two class method.