Earnings Per Common Share

12 Months Ended

Dec. 31, 2025

See Note 1 for the Corporation’s accounting policy on earnings per common share. Presented below are the calculations for basic and diluted earnings per common share:


	For the Years Ended December 31,
(in thousands, except per share data)	2025		2024		2023
Net income	$	474,777	$	123,145	$	182,956
Preferred stock dividends	(11,500)		(11,500)		(11,500)
Net income available to common equity	$	463,277	$	111,645	$	171,456
Common shareholder dividends	$	(154,993)	$	(138,508)	$	(128,748)
Unvested share-based payment awards	(780)		(689)		(785)
Undistributed earnings	$	307,504	$	(27,552)	$	41,922
Undistributed earnings allocated to common shareholders	$	306,008	$	(27,552)	$	41,675
Undistributed earnings allocated to unvested share-based payment awards	1,496		—		247
Undistributed earnings	$	307,504	$	(27,552)	$	41,922
Basic
Distributed earnings to common shareholders	$	154,993	$	138,508	$	128,748
Undistributed earnings allocated to common shareholders	306,008		(27,552)		41,675
Total common shareholders earnings, basic	$	461,001	$	110,956	$	170,424
Diluted
Distributed earnings to common shareholders	$	154,993	$	138,508	$	128,748
Undistributed earnings allocated to common shareholders	306,008		(27,552)		41,675
Total common shareholders earnings, diluted	$	461,001	$	110,956	$	170,424
Weighted average common shares outstanding	165,079		151,933		149,968
Effect of dilutive common stock awards	1,534		1,415		892

Diluted weighted average common shares outstanding	166,613		153,347		150,860
Basic earnings per common share	$	2.79	$	0.73	$	1.14
Diluted earnings per common share	$	2.77	$	0.72	$	1.13

Excluded from the earnings per common share calculations were 0.8 million anti-dilutive common stock options for the year ended December 31, 2025, and 1.8 million and 3.4 million anti-dilutive common stock options were excluded from the earnings per common share calculations for the years ended December 31, 2024 and 2023, respectively.

ASSOCIATED BANC-CORP 10-K