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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings Per Common Share 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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net income | $ | 30,666 |  |  | $ | 35,661 |  |  | $ | 96,816 |  |  | $ | 93,924 |
Weighted average number of common shares outstanding, basic | 55,486,700 |  |  | 55,349,547 |  |  | 55,441,980 |  |  | 55,399,424 |
Dilutive effect of common stock equivalents: |  |  |  |  |  |  |
Options | — |  |  | 249 |  |  | — |  |  | 1,606 |
Warrants | — |  |  | 1,708 |  |  | 432 |  |  | 1,749 |
RSU awards | 640,714 |  |  | 624,576 |  |  | 638,495 |  |  | 661,173 |
PSU awards | 165,868 |  |  | 81,268 |  |  | 126,787 |  |  | 37,393 |
DSU awards | 16,792 |  |  | 10,414 |  |  | 14,996 |  |  | 14,275 |
ESPP | 5,418 |  |  | 5,402 |  |  | 7,934 |  |  | 8,136 |
Weighted average number of common shares outstanding, diluted | 56,315,492 |  |  | 56,073,164 |  |  | 56,230,624 |  |  | 56,123,756 |
Basic earnings per common share | $ | 0.55 |  |  | $ | 0.64 |  |  | $ | 1.75 |  |  | $ | 1.70 |
Diluted earnings per common share | $ | 0.54 |  |  | $ | 0.64 |  |  | $ | 1.72 |  |  | $ | 1.67 |
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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Anti-dilutive common stock equivalents |  |  |  |  |  |  |
Options | 21,926 |  | — |  | 22,219 |  |  | 10,389
RSU awards | — |  | — |  | 52,594 |  |  | 51,883
PSU awards | 85,074 |  | 160,391 |  | 137,918 |  |  | 226,771
Total anti-dilutive common stock equivalents | 107,000 |  |  | 160,391 |  | 212,731 |  |  | 289,043

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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