EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

NOTE 21. EARNINGS PER COMMON 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 ESPP shares were issued.

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

	Years Ended December 31,
	2024		2023		2022
Net income	$	113,691	$	122,565	$	128,311
Weighted average number of common shares outstanding, basic	56,610,032		55,432,322		55,387,073
Dilutive effect of common stock equivalents:
Options	753		—		1,632
Warrants	—		324		1,753
RSU awards	662,341		647,217		665,998
PSU awards	243,166		151,190		58,206
DSU awards	19,956		18,154		15,532
ESPP	6,753		6,941		6,970
Weighted average number of common shares outstanding, diluted	57,543,001		56,256,148		56,137,164
Basic earnings per common share	$	2.01	$	2.21	$	2.32
Diluted earnings per common share	1.98		2.18		2.29

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,
	2024	2023	2022
Anti-dilutive common stock equivalents
Options	9,588	21,981	7,792
RSU awards	3,216	39,445	38,912
PSU awards	140,937	106,955	189,000
Total anti-dilutive common stock equivalents	153,741	168,381	235,704