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Earnings Per Share ("EPS") | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | NOTE 22 – 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 nine months ended September 30, 2020 and 2019 (in thousands, except per share data):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net income applicable to Stifel Financial Corp. |  | $ | 120,527 |  |  | $ | 109,414 |  |  | $ | 315,003 |  |  | $ | 317,706 |
Preferred dividends |  |  | 9,897 |  |  |  | 4,844 |  |  |  | 19,584 |  |  |  | 12,476 |
Net income available to common shareholders |  | $ | 110,630 |  |  | $ | 104,570 |  |  | $ | 295,419 |  |  | $ | 305,230 |
Shares for basic and diluted calculation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average shares used in basic computation |  |  | 70,627 |  |  |  | 71,197 |  |  |  | 70,814 |  |  |  | 72,512 |
Dilutive effect of stock options and units (1) |  |  | 5,223 |  |  |  | 6,947 |  |  |  | 4,898 |  |  |  | 6,314 |
Average shares used in diluted computation |  |  | 75,850 |  |  |  | 78,144 |  |  |  | 75,712 |  |  |  | 78,826 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.57 |  |  | $ | 1.47 |  |  | $ | 4.17 |  |  | $ | 4.21 |
Diluted |  | $ | 1.46 |  |  | $ | 1.34 |  |  | $ | 3.90 |  |  | $ | 3.87 |
(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 nine months ended September 30, 2020 and 2019, the anti-dilutive effect from restricted stock units was immaterial. Cash Dividends During the three and nine months ended September 30, 2020, we declared and paid cash dividends of $0.17 and $0.51 per common share. During the three and nine months ended September 30, 2019, we declared and paid cash dividends of $0.15 and $0.45 per common share.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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