PIPER SANDLER COMPANIES
For the period ended Mar 31, 2024. Filed May 7, 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 7, 2024
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Earnings Per Share
NOTE 15| EARNINGS PER SHARE ("EPS")
Basic earnings per common share is computed by dividing net income attributable to Piper Sandler Companies by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock options, restricted stock units and restricted shares. The Company uses the treasury stock method to calculate diluted earnings per common share.
The computation of EPS is as follows:
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| (Amounts in thousands, except per share data) | 2024 | 2023 |
| Net income attributable to Piper Sandler Companies | $42,493 | $25,634 |
| Shares for basic and diluted calculations | ||
| Average shares used in basic computation | 15,499 | 14,507 |
| Stock options | 37 | 25 |
| Restricted stock units | 157 | 157 |
| Restricted shares | 1,811 | 2,493 |
| Average shares used in diluted computation | 17,504 | 17,182 |
| Earnings per common share | ||
| Basic | $2.74 | $1.77 |
| Diluted | $2.43 | $1.49 |
The anti-dilutive effects from stock options and restricted shares were immaterial for the three months ended March 31, 2024 and 2023.
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