Earnings Per Share

9 Months Ended

Sep. 30, 2025

The following table shows the calculation of basic and diluted earnings (loss) per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share data and per share amounts)	2025		2024		2025		2024

Numerator:


Net income attributable to Amerant Bancorp Inc.	$	14,756	$	(48,164)	$	49,716	$	(32,633)
Net income available to common stockholders	$	14,756	$	(48,164)	$	49,716	$	(32,633)
Denominator:
Basic weighted average shares outstanding	41,590,201		33,784,999		41,802,195		33,635,439
Dilutive effect of share-based compensation awards	183,900		—		141,051		—
Diluted weighted average shares outstanding	41,774,101		33,784,999		41,943,246		33,635,439

Basic earnings (loss) per common share	$	0.35	$	(1.43)	$	1.19	$	(0.97)
Diluted earnings (loss) per common share	$	0.35	$	(1.43)	$	1.19	$	(0.97)

As of September 30, 2025, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units (“RSUs”) and performance share units totaling 558,172 (restricted stock and RSUs totaling 399,920 as of September 30, 2024). In the three and nine month periods ended September 30, 2025 potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect on per share earnings. In the three and nine month periods ended September 30, 2024, potential dilutive instruments were excluded from the diluted earnings per share computation because the Company reported a net loss and their inclusion would have an anti-dilutive effect in per share earnings in those periods.

Amerant Bancorp Inc. 10-Q