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Earnings Per Share ("EPS")
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 27 – Earnings Per Share (“EPS”)

Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2019, 2018, and 2017 (in thousands, except per share data): 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Net income applicable to Stifel Financial Corp.

 

$

448,396

 

 

$

393,968

 

 

$

182,871

 

Preferred dividends

 

 

17,319

 

 

 

9,375

 

 

 

9,375

 

Net income available to common shareholders

 

$

431,077

 

 

$

384,593

 

 

$

173,496

 

Shares for basic and diluted calculation:

 

 

 

 

 

 

 

 

 

 

 

 

Average shares used in basic computation

 

 

71,998

 

 

 

71,786

 

 

 

68,562

 

Dilutive effect of stock options and units (1)

 

 

6,587

 

 

 

9,535

 

 

 

12,473

 

Average shares used in diluted computation

 

 

78,585

 

 

 

81,321

 

 

 

81,035

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

5.99

 

 

$

5.36

 

 

$

2.53

 

Diluted

 

$

5.49

 

 

$

4.73

 

 

$

2.14

 

 

(1)

Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include stock options and units.

For the years ended December 31, 2019, 2018, and 2017, the anti-dilutive effect from restricted stock units was immaterial.

Cash Dividends

During the year ended December 31, 2019, we declared and paid cash dividends of $0.60 per common share. During the year ended December 31, 2018, we declared and paid cash dividends of $0.48 per common share. During the year ended December 31, 2017, we declared and paid cash dividends of $0.20 per common share.