Basic EPS is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding.

Diluted EPS is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options, TSRs, and restricted shares as calculated using the treasury stock method. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute EPS. As of September 30, 2026 and 2025, the potential common shares issuable included in diluted shares outstanding consist of stock options that have an exercise price less than the market price as well as TSR and performance-based restricted shares that are estimated to be awarded as performance targets were met as of the end of the period. The 2026 diluted shares outstanding also include time-based restricted stock units granted in 2026.

The following table sets forth the computation of basic and diluted EPS.

Table 1: Earnings Per Common Share


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(unaudited, in thousands, except shares and per share amounts)	2026		2025		2026		2025
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	85,265	$	81,042	$	258,096	$	124,401
Denominator:
Total average basic common shares outstanding		95,950,360		95,995,174		96,027,044		89,593,739
Effect of dilutive stock options and other stock compensation (1)		682,586		121,443		521,121		124,967
Total diluted average common shares outstanding		96,632,946		96,116,617		96,548,165		89,718,706
Earnings per common share - basic	$	0.89	$	0.84	$	2.69	$	1.39
Earnings per common share - diluted	$	0.88	$	0.84	$	2.67	$	1.39

(1) There were 103,613 and 422,836 options to purchase shares were not included in the diluted shares computation for the nine months ended September 30, 2026 and 2025, respectively, because the exercise price was greater than the average market price of a common share; therefore, the effect would be antidilutive.

As previously disclosed, 28,738,104 shares were issued as merger consideration to complete the PFC acquisition on February 28, 2025. To accomplish this, Wesbanco used 8,421,434 shares of Treasury stock and 20,316,670 newly-issued common shares. These shares are included in the average shares outstanding beginning on February 28, 2025.