EAST WEST BANCORP INC
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
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— Stockholders’ Equity and Earnings Per Share
Note 13 —Stockholders’ Equity and Earnings Per Share
The following table presents the basic and diluted EPS calculations for the three months ended March 31, 2024 and 2023. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.
| ($ and shares in thousands, except per share data) | Three months ended March 31, | |
|---|---|---|
| 2024 | 2023 | |
| Basic: | ||
| Net income | $285,075 | $322,439 |
| Weighted-average number of shares outstanding | 139,409 | 141,112 |
| Basic EPS | $2.04 | $2.28 |
| Diluted: | ||
| Net income | $285,075 | $322,439 |
| Weighted-average number of shares outstanding | 139,409 | 141,112 |
| Add: Dilutive impact of unvested RSUs | 852 | 801 |
| Diluted weighted-average number of shares outstanding | 140,261 | 141,913 |
| Diluted EPS | $2.03 | $2.27 |
Approximately 170 thousand and 417 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three months ended March 31, 2024 and 2023, respectively.
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. For the three months ended March 31, 2024, the Company repurchased 1,181,851 shares at an average price of $69.76 per share at $82 million. The Company did not repurchase any shares during the three months ended March 31, 2023. As of March 31, 2024, the Company had approximately $89 million available for repurchases under its stock repurchase program.
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