Earnings Per Common Share

6 Months Ended

Jun. 30, 2026

Earnings per common share is computed using the two-class method as more fully described in our 2025 Form 10-K. The following table presents a reconciliation of net income available to common shareholders, net earnings allocated to common stock and the number of shares used in the calculation of basic and diluted earnings per common share.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	172,059	$	157,003	$	343,046	$	307,925
Less: Preferred stock dividends	1,669		1,669		3,338		3,338
Net income available to common shareholders	170,390		155,334		339,708		304,587
Less: Earnings allocated to participating securities	1,991		1,492		4,108		2,956
Net earnings allocated to common stock	$	168,399	$	153,842	$	335,600	$	301,631

Distributed earnings allocated to common stock	$	64,013	$	64,310	$	127,139	$	125,377
Undistributed earnings allocated to common stock	104,386		89,532		208,461		176,254
Net earnings allocated to common stock	$	168,399	$	153,842	$	335,600	$	301,631

Weighted-average shares outstanding for basic earnings per common share	62,454,716		64,299,943		62,776,317		64,277,718
Dilutive effect of stock compensation	—		51,837		—		62,481
Weighted-average shares outstanding for diluted earnings per common share	62,454,716		64,351,780		62,776,317		64,340,199

CULLEN/FROST BANKERS, INC. 10-Q