EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

NOTE 19. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if Busey’s outstanding stock options and warrants were exercised, stock units were vested, and shares were issued under the 2021 ESPP.

Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):


	Years Ended December 31,
		2023		2022		2021
Net income		$	122,565	$	128,311	$	123,449

Weighted average number of common shares outstanding, basic		55,432,322		55,387,073		55,369,476
Dilutive effect of common stock equivalents:
Options		—		1,632		1,639
Warrants		324		1,753		1,753
RSU awards		647,217		665,998		615,759
PSU awards		151,190		58,206		5,429
DSU awards		18,154		15,532		10,641
2021 ESPP		6,941		6,970		4,108
Weighted average number of common shares outstanding, diluted		56,256,148		56,137,164		56,008,805

Basic earnings per common share		$	2.21	$	2.32	$	2.23
Diluted earnings per common share		2.18		2.29		2.20

Average shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:


	Years Ended December 31,
		2023	2022	2021
Anti-dilutive common stock equivalents
Options		21,981	7,792	—

RSU awards		39,445	38,912	65,058
PSU awards		106,955	189,000	93,026
DSU awards		—	—	7,742
Total anti-dilutive common stock equivalents		168,381	235,704	165,826