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Common Stock
 12 Months Ended
Dec. 31, 2023
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]  
Common Stock and EPS Common Stock*
On December 19, 2023, the Company distributed a 5% stock dividend on its $5 par common stock for the 30th consecutive year. All per common share data in this report has been restated to reflect the stock dividend.

The Company applies the two-class method of computing income per share, as nonvested share-based awards that pay nonforfeitable common stock dividends are considered securities which participate in undistributed earnings with common stock. The two-class method requires the calculation of separate income per share amounts for the nonvested share-based awards and for common stock. Income per share attributable to common stock is shown in the following table. Nonvested share-based awards are further discussed in Note 11, Stock-Based Compensation.

Basic income per share is based on the weighted average number of common shares outstanding during the year. Diluted income per share gives effect to all dilutive potential common shares that were outstanding during the year. Presented below is a summary of the components used to calculate basic and diluted income per common share, which have been restated for all stock dividends.

(In thousands, except per share data)202320222021
Basic income per common share:
Net income attributable to Commerce Bancshares, Inc.$477,060 $488,399 $530,765 
Less income allocated to nonvested restricted stock4,241 4,450 4,846 
Net income allocated to common stock$472,819 $483,949 $525,919 
Weighted average common shares outstanding
129,922 131,539 134,125 
Basic income per common share
$3.64 $3.68 $3.92 
Diluted income per common share:
Net income attributable to Commerce Bancshares, Inc.$477,060 $488,399 $530,765 
Less income allocated to nonvested restricted stock4,237 4,442 4,838 
Net income allocated to common stock
$472,823 $483,957 $525,927 
Weighted average common shares outstanding
129,922 131,539 134,125 
Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods150299315
Weighted average diluted common shares outstanding
130,072 131,838 134,440 
Diluted income per common share
$3.64 $3.67 $3.91 
Unexercised stock appreciation rights of 363 thousand, 171 thousand and 97 thousand were excluded from the computation of diluted income per share for the years ended December 31, 2023, 2022 and 2021, respectively, because their inclusion would have been anti-dilutive.

The Company maintains a treasury stock buyback program authorized by its Board of Directors. The most recent authorization in April 2022 approved future purchases of 5,000,000 shares of the Company's common stock. At December 31, 2023, 1,757,247 shares of common stock remained available for purchase under the current authorization.

The table below shows activity in the outstanding shares of the Company’s common stock during the past three years. Shares in the table below are presented on an historical basis and have not been restated for the annual 5% stock dividends.

Years Ended December 31
(In thousands)202320222021
Shares outstanding at January 1124,999 121,436 117,138 
Issuance of stock:
Awards and sales under employee and director plans348 306328
5% stock dividend6,201 5,953 5,790 
Other purchases of treasury stock
(1,355)(2,684)(1,807)
Other
(17)(12)(13)
Shares outstanding at December 31
130,176 124,999 121,436 
* Except as noted in the above table, all share and per share amounts in this footnote have been restated for the 5% common stock dividend distributed in 2023.