Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

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

Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	29,364	$	29,824	$	66,150	$	58,263

Weighted average number of common shares outstanding, basic	55,440,277		55,421,887		55,419,250		55,424,776
Dilutive effect of common stock equivalents:
Options	—		—		—		2,284
Warrants	—		1,686		648		1,770
RSU awards	622,993		655,368		637,385		679,471
PSU awards	123,849		14,534		107,247		15,456
DSU awards	3,851		3,039		14,098		16,206
ESPP	4,831		7,503		9,192		9,503
Weighted average number of common shares outstanding, diluted	56,195,801		56,104,017		56,187,820		56,149,466

Basic earnings per common share	$	0.53	$	0.54	$	1.19	$	1.05
Diluted earnings per common share	$	0.52	$	0.53	$	1.18	$	1.04

Average 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,
	2023	2022	2023	2022
Anti-dilutive common stock equivalents
Options	21,926	31,166	22,366	15,583

RSU awards	157,781	155,649	78,891	77,824
PSU awards	63,220	278,472	164,339	259,962

Total anti-dilutive common stock equivalents	242,927	465,287	265,596	353,369