EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(dollars in thousands, except per share amounts)	2025		2024		2025		2024
Net income	$	57,098	$	32,004	$	74,512	$	85,586
Dividends on preferred stock	(5,131)		—		(5,286)		—
Net income available to common stockholders	$	51,967	$	32,004	$	69,226	$	85,586

Weighted average number of common shares outstanding, basic	89,136,898		57,033,359		82,508,723		56,458,430
Dilutive effect of common stock equivalents:
Options	187		1,714		63		572

SSARs	204,106		—		191,460		—
RSU awards	815,829		655,224		817,169		662,609
PSU awards	32,510		254,365		65,031		264,451
DSU awards	17,204		16,766		15,656		18,390
ESPP	11,648		6,420		11,897		6,847
Weighted average number of common shares outstanding, diluted	90,218,382		57,967,848		83,609,999		57,411,299

Basic earnings per common share	$	0.58	$	0.56	$	0.84	$	1.52
Diluted earnings per common share	$	0.58	$	0.55	$	0.83	$	1.49

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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Anti-dilutive common stock equivalents
Options	—	—	10,071	12,784


RSU awards	—	—	1,498	4,288
PSU awards	298,211	107,065	238,099	103,001


Total anti-dilutive common stock equivalents	298,211	107,065	249,668	120,073