EAST WEST BANCORP INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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— Stockholders’ Equity and Earnings Per Share
Note 14 —Stockholders’ Equity and Earnings Per Share
The following table presents the basic and diluted EPS calculations for the years ended December 31, 2023, 2022 and 2021. For more information on the calculation of EPS, see Note 1 —Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Shareto the Consolidated Financial Statements in this Form 10-K.
| Year Ended December 31, | |||
|---|---|---|---|
| ($ and shares in thousands, except per share data) | 2023 | 2022 | 2021 |
| Basic: | |||
| Net income | $1,161,161 | $1,128,083 | $872,981 |
| Weighted-average number of shares outstanding | 141,164 | 141,326 | 141,826 |
| Basic EPS | $8.23 | $7.98 | $6.16 |
| Diluted: | |||
| Net income | $1,161,161 | $1,128,083 | $872,981 |
| Weighted-average number of shares outstanding | 141,164 | 141,326 | 141,826 |
| Add: Diluted impact of unvested RSUs | 738 | 1,166 | 1,314 |
| Diluted weighted-average number of shares outstanding | 141,902 | 142,492 | 143,140 |
| Diluted EPS | $8.18 | $7.92 | $6.10 |
For the years ended December 31, 2023, 2022 and 2021, approximately 283 thousand,3 thousand and 6 thousand weighted-average shares of anti-dilutive RSUs, respectively, were excluded from the diluted EPS computation.
Stock Repurchase Program — In 2020, the Company’s Board of Directors authorized a stock repurchase program to buy back up to 500 million of the Company’s common stock. In 2023, the Company repurchased 1,506,091 shares at an average price of $54.56 per share at a total cost of $82 million. In 2022, the Company repurchased 1,385,517 shares at an average price of $72.17 per share at a total cost of $100 million. The Company didnot repurchase any shares in 2021. As of December 31, 2023, the Company had approximately $172 million available for repurchases under its stock repurchase program.
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