PIPER SANDLER COMPANIES
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Earnings Per Share
NOTE 22| EARNINGS PER SHARE
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:
| Year Ended December 31, | |||
|---|---|---|---|
| (Amounts in thousands, except per share data) | 2025 | 2024 | 2023 |
| Net income attributable to Piper Sandler Companies | $281,331 | $181,114 | $85,491 |
| Shares for basic and diluted calculations | |||
| Average shares used in basic computation | 16,658 | 15,838 | 14,958 |
| Stock options | 60 | 55 | 25 |
| Restricted stock units | 153 | 184 | 163 |
| Restricted shares | 914 | 1,617 | 2,079 |
| Average shares used in diluted computation | 17,785 | 17,695 | 17,224 |
| Earnings per common share | |||
| Basic | $16.89 | $11.44 | $5.72 |
| Diluted | $15.82 | $10.24 | $4.96 |
The anti-dilutive effects from stock options and restricted shares were immaterial for the years ended December 31, 2025, 2024 and 2023.
As discussed in Note 1, on February 6, 2026, the Company's board of directors approved afour-for-one forward split of its common stock, which will be effected through the filing of an amendment to the Company's amended and restated certificate of incorporation on March 23, 2026. The unaudited proforma computation of EPS on a post-split basis is as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| (Amounts in thousands, except per share data) | 2025 | 2024 | 2023 |
| Net income attributable to Piper Sandler Companies, as reported | $281,331 | $181,114 | $85,491 |
| Proforma shares for basic and diluted calculations | |||
| Proforma average shares used in basic computation | 66,632 | 63,354 | 59,830 |
| Proforma stock options | 239 | 221 | 99 |
| Proforma restricted stock units | 614 | 736 | 651 |
| Proforma restricted shares | 3,655 | 6,469 | 8,316 |
| Proforma average shares used in diluted computation | 71,140 | 70,780 | 68,896 |
| Proforma earnings per common share | |||
| Proforma basic | $4.22 | $2.86 | $1.43 |
| Proforma diluted | $3.95 | $2.56 | $1.24 |
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