EAST WEST BANCORP INC
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 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 nine months ended September 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.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| ($ and shares in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 |
| Basic: | ||||
| Net income | $299,166 | $287,738 | $872,471 | $922,208 |
| Weighted-average number of shares outstanding | 138,606 | 141,485 | 138,997 | 141,356 |
| Basic EPS | $2.16 | $2.03 | $6.28 | $6.52 |
| Diluted: | ||||
| Net income | $299,166 | $287,738 | $872,471 | $922,208 |
| Weighted-average number of shares outstanding | 138,606 | 141,485 | 138,997 | 141,356 |
| Add: Dilutive impact of unvested RSUs | 1,042 | 637 | 942 | 688 |
| Diluted weighted-average number of shares outstanding | 139,648 | 142,122 | 139,939 | 142,044 |
| Diluted EPS | $2.14 | $2.02 | $6.23 | $6.49 |
Approximatelyone thousand andfive thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three and nine months ended September 30, 2024, respectively. In comparison, approximatelyone million and 350 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three and nine months ended September 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 September 30, 2024, there wereno share repurchases. For thenine months ended September 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 didnot repurchase any shares during thethree and nine months ended September 30, 2023. As of September 30, 2024, the Company had approximately $49 million available for repurchases under its stock repurchase program.
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