EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2025

NOTE 14. EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Net income available to common stockholders is net income less dividends that have been declared on Busey’s preferred stock (all of which is non-cumulative). 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 June 30,				Six Months Ended June 30,
(dollars in thousands, except per share amounts)	2025		2024		2025		2024
Net income	$	47,404	$	27,357	$	17,414	$	53,582
Dividends on preferred stock	155		—		155		—
Net income available to common stockholders	$	47,249	$	27,357	$	17,259	$	53,582

Weighted average number of common shares outstanding, basic	89,645,040		56,919,025		79,139,706		56,167,807
Dilutive effect of common stock equivalents:


SSARs	278,568		—		185,138		—
RSU awards	896,697		679,167		817,859		666,302
PSU awards	47,360		245,599		81,970		269,494
DSU awards	4,709		4,923		14,882		19,202
ESPP	11,337		4,517		12,022		7,060
Weighted average number of common shares outstanding, diluted	90,883,711		57,853,231		80,251,577		57,129,865

Basic earnings per common share	$	0.53	$	0.48	$	0.22	$	0.95
Diluted earnings per common share	$	0.52	$	0.47	$	0.22	$	0.94

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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Anti-dilutive common stock equivalents
Options	15,106	17,966	15,106	19,176


RSU awards	—	12,864	—	6,432
PSU awards	13,455	93,266	208,043	100,969


Total anti-dilutive common stock equivalents	28,561	124,096	223,149	126,577