Earnings Per Common Share

9 Months Ended

Sep. 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 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