Atlantic Union Bankshares Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

11. EARNINGS PER SHARE

Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards.

The following table presents basic and diluted EPS calculations for the three and six months ended June 30, 2023 and 2022 (dollars in thousands except per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net Income	$	55,241	$	62,226	$	90,894	$	105,916
Less: Preferred Stock Dividends		2,967		2,967		5,934		5,934
Net income available to common shareholders	$	52,274	$	59,259	$	84,960	$	99,982


Weighted average shares outstanding, basic		74,995		74,848		74,914		75,194
Dilutive effect of stock awards		—		2		2		7
Weighted average shares outstanding, diluted		74,995		74,850		74,916		75,201

Earnings per common share, basic	$	0.70	$	0.79	$	1.13	$	1.33
Earnings per common share, diluted	$	0.70	$	0.79	$	1.13	$	1.33