PIPER SANDLER COMPANIES

For the period ended Sep 30, 2025. Filed Nov 4, 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.

Sep 30, 2025 · Filed Nov 4, 2025

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

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Contents

Earnings Per Share

NOTE 19| 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 · Nine Months Ended
	September 30,		September 30,
(Amounts in thousands, except per share data)	2025	2024	2025	2024
Net income attributable to Piper Sandler Companies	$60,266	$34,789	$167,363	$112,055
Shares for basic and diluted calculations
Average shares used in basic computation	16,716	15,921	16,600	15,767
Stock options	64	65	60	48
Restricted stock units	161	190	148	180
Restricted shares	868	1,594	966	1,641
Average shares used in diluted computation	17,808	17,769	17,775	17,636
Earnings per common share
Basic	$3.61	$2.19	$10.08	$7.11
Diluted	$3.38	$1.96	$9.42	$6.35

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

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