EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2024

NOTE 13. 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	27,357	$	29,364	$	53,582	$	66,150

Weighted average number of common shares outstanding, basic	56,919,025		55,440,277		56,167,807		55,419,250
Dilutive effect of common stock equivalents:

Warrants	—		—		—		648
RSU awards	679,167		622,993		666,302		637,385
PSU awards	245,599		123,849		269,494		107,247
DSU awards	4,923		3,851		19,202		14,098
ESPP	4,517		4,831		7,060		9,192
Weighted average number of common shares outstanding, diluted	57,853,231		56,195,801		57,129,865		56,187,820

Basic earnings per common share	$	0.48	$	0.53	$	0.95	$	1.19
Diluted earnings per common share	$	0.47	$	0.52	$	0.94	$	1.18

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,
	2024	2023	2024	2023
Anti-dilutive common stock equivalents
Options	17,966	21,926	19,176	22,366

RSU awards	12,864	157,781	6,432	78,891
PSU awards	93,266	63,220	100,969	164,339

Total anti-dilutive common stock equivalents	124,096	242,927	126,577	265,596