EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2025

NOTE 14. EARNINGS PER COMMON SHARE

Basic earnings per common 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 SSARs were exercised, stock units were vested, and ESPP shares were issued.

Earnings per common share have been computed as follows:


	Three Months Ended March 31,
(dollars in thousands, except per share amounts)		20251		2024
Net income (loss)		$	(29,990)	$	26,225

Weighted average number of common shares outstanding, basic		68,517,647		55,416,589
Dilutive effect of common stock equivalents:


RSU awards		—		653,437
PSU awards		—		293,389
DSU awards		—		33,481
ESPP		—		9,604

Weighted average number of common shares outstanding, diluted		68,517,647		56,406,500

Basic earnings (loss) per common share		$	(0.44)	$	0.47
Diluted earnings (loss) per common share		$	(0.44)	$	0.46

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1.Since the Company was in a net loss position for the three months ended March 31, 2025, the inclusion of all potential common shares outstanding would have been anti-dilutive, so basic net loss per common share is the same as diluted net loss per common share.

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:


	Three Months Ended March 31,
		2025	2024
Anti-dilutive common stock equivalents
Options		15,106	20,386

RSU awards		1,714,130	—
PSU awards		576,757	108,671
DSU awards		39,846	—
ESPP		33,728	—
SSARs		414,855	—
Total anti-dilutive common stock equivalents		2,794,422	129,057

Preferred stock and dividends

On March 1, 2025, associated with the CrossFirst acquisition, Busey issued 7,750 shares of Series A Non-Cumulative Perpetual Preferred Stock. No preferred stock dividend has been declared since issuing the Series A Non-Cumulative Perpetual Preferred Stock.