PIPER SANDLER COMPANIES

For the period ended Jun 30, 2025. Filed Aug 6, 2025.

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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, 2025 · Filed Aug 6, 2025

PIPR$65.92-1.8%Stored close · as of Nov 6, 2026

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Contents

Earnings Per Share

NOTE 18| 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 · Six Months Ended
	June 30,		June 30,
(Amounts in thousands, except per share data)	2025	2024	2025	2024
Net income attributable to Piper Sandler Companies	$42,182	$34,773	$107,097	$77,266
Shares for basic and diluted calculations
Average shares used in basic computation	16,703	15,879	16,542	15,689
Stock options	51	42	59	40
Restricted stock units	145	195	142	176
Restricted shares	826	1,517	1,016	1,664
Average shares used in diluted computation	17,726	17,633	17,758	17,569
Earnings per common share
Basic	$2.53	$2.19	$6.47	$4.92
Diluted	$2.38	$1.97	$6.03	$4.40

The anti-dilutive effects from stock options and restricted shares were immaterial for the three and six months ended June 30, 2025 and 2024.

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