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Earnings Per Share ("EPS")
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 23 – Earnings Per Share (“EPS”)

Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2019 and 2018 (in thousands, except per share data):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income applicable to Stifel Financial Corp.

 

$

109,085

 

 

$

87,287

 

 

$

208,292

 

 

$

176,048

 

Preferred dividends

 

 

5,288

 

 

 

2,344

 

 

 

7,632

 

 

 

4,688

 

Net income available to common shareholders

 

$

103,797

 

 

$

84,943

 

 

$

200,660

 

 

$

171,360

 

Shares for basic and diluted calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares used in basic computation

 

 

72,519

 

 

 

71,692

 

 

 

73,180

 

 

 

71,843

 

Dilutive effect of stock options and units (1)

 

 

6,560

 

 

 

9,607

 

 

 

5,980

 

 

 

9,705

 

Average shares used in diluted computation

 

 

79,079

 

 

 

81,299

 

 

 

79,160

 

 

 

81,548

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.43

 

 

$

1.18

 

 

$

2.74

 

 

$

2.39

 

Diluted

 

$

1.31

 

 

$

1.04

 

 

$

2.53

 

 

$

2.10

 

 

(1)

Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.

For the three and six months ended June 30, 2019 and 2018, the anti-dilutive effect from restricted stock units was immaterial.

 

Cash Dividends

During the three and six months ended June 30, 2019, we declared and paid cash dividends of $0.15 and $0.30 per common share. During the three and six months ended June 30, 2018, we declared and paid cash dividends of $0.12 and $0.24 per common share.