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

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022 (dollars in thousands except per share data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net Income	$	54,017	$	58,070	$	144,911	$	163,986
Less: Preferred Stock Dividends		2,967		2,967		8,901		8,901
Net income available to common shareholders	$	51,050	$	55,103	$	136,010	$	155,085


Weighted average shares outstanding, basic		74,999		74,704		74,943		75,029
Dilutive effect of stock awards		—		1		1		5
Weighted average shares outstanding, diluted		74,999		74,705		74,944		75,034

Earnings per common share, basic	$	0.68	$	0.74	$	1.81	$	2.07
Earnings per common share, diluted	$	0.68	$	0.74	$	1.81	$	2.07