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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | NOTE 14. 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 32,004 |  |  | $ | 30,666 |  |  | $ | 85,586 |  |  | $ | 96,816 |
Weighted average number of common shares outstanding, basic | 57,033,359 |  | 55,486,700 |  | 56,458,430 |  | 55,441,980
Dilutive effect of common stock equivalents: |  |  |  |  |  |  |
Options | 1,714 |  | — |  | 572 |  | —
Warrants | — |  | — |  | — |  | 432
RSU awards | 655,224 |  | 640,714 |  | 662,609 |  | 638,495
PSU awards | 254,365 |  | 165,868 |  | 264,451 |  | 126,787
DSU awards | 16,766 |  | 16,792 |  | 18,390 |  | 14,996
ESPP | 6,420 |  | 5,418 |  | 6,847 |  | 7,934
Weighted average number of common shares outstanding, diluted | 57,967,848 |  | 56,315,492 |  | 57,411,299 |  | 56,230,624
Basic earnings per common share | $ | 0.56 |  |  | $ | 0.55 |  |  | $ | 1.52 |  |  | $ | 1.75 |
Diluted earnings per common share | $ | 0.55 |  |  | $ | 0.54 |  |  | $ | 1.49 |  |  | $ | 1.72 |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Anti-dilutive common stock equivalents |  |  |  |  |  |  |
Options | — |  | 21,926 |  | 12,784 |  | 22,219
RSU awards | — |  | — |  | 4,288 |  | 52,594
PSU awards | 107,065 |  | 85,074 |  | 103,001 |  | 137,918
Total anti-dilutive common stock equivalents | 107,065 |  | 107,000 |  | 120,073 |  | 212,731

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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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