PIPER SANDLER COMPANIES

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

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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, 2026 · Filed Nov 5, 2026

PIPR$67.64+2.6%Stored close · as of Nov 9, 2026

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Contents

Earnings Per Share

NOTE 17| 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, adjusted to reflect the impact of the Stock Split, is as follows:

Three Months Ended · Nine Months Ended
	September 30,		September 30,
(Amounts in thousands, except per share data)	2026	2025	2026	2025
Net income attributable to Piper Sandler Companies	$55,415	$60,266	$188,502	$167,363
Shares for basic and diluted calculations
Average shares used in basic computation	67,257	66,862	67,596	66,401
Stock options	182	254	195	241
Restricted stock units	467	642	478	592
Restricted shares	2,761	3,474	2,776	3,866
Average shares used in diluted computation	70,667	71,232	71,045	71,100
Earnings per common share
Basic	$0.82	$0.90	$2.79	$2.52
Diluted	$0.78	$0.85	$2.65	$2.35

The anti-dilutive effects from restricted shares were immaterial for the three and nine months ended September 30, 2026 and 2025.

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