EAST WEST BANCORP INC
For the period ended Jun 30, 2024. Filed Aug 8, 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.
Jun 30, 2024 · Filed Aug 8, 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 and six months ended June 30, 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 June 30, | Six Months Ended June 30, | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Basic: | ||||
| Net income | $288,230 | $312,031 | $573,305 | $634,470 |
| Weighted-average number of shares outstanding | 138,980 | 141,468 | 139,195 | 141,291 |
| Basic EPS | $2.07 | $2.21 | $4.12 | $4.49 |
| Diluted: | ||||
| Net income | $288,230 | $312,031 | $573,305 | $634,470 |
| Weighted-average number of shares outstanding | 138,980 | 141,468 | 139,195 | 141,291 |
| Add: Dilutive impact of unvested RSUs | 821 | 408 | 852 | 619 |
| Diluted weighted-average number of shares outstanding | 139,801 | 141,876 | 140,047 | 141,910 |
| Diluted EPS | $2.06 | $2.20 | $4.09 | $4.47 |
For both the three and six months ended June 30, 2024, approximately 3 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations. In comparison, approximately 1 million and 439 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three and six months ended June 30, 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 thethree months ended June 30, 2024, the Company repurchased 560,645 shares at an average price of$72.74 per share at a total cost of$41 million. For thesix months ended June 30, 2024, the Company repurchased 1,742,496 shares at an average price of $70.72 per share at a total cost of $123 million. The Company did not repurchase any shares during thethree and six months ended June 30, 2023. As of June 30, 2024, the Company had approximately $49 million available for repurchases under its stock repurchase program.
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