Earnings Per Share

9 Months Ended

Sep. 30, 2026

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.