Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 40

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 40
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 terms of the class or any series within the class will be determined by the Board of Directors prior to any issuance. None of this stock has been issued to date.

42

			(18)

			Net Income Per Share

The following table reflects net income (numerator) and average shares outstanding (denominator) for basic and diluted net income per share computations:

			Three months ended 

			March 31,

			(in thousands, except per share data)

			2025

			2024

			Net income

			$
			33,271

			$
			25,887

			Weighted average shares outstanding - basic

			29,349

			29,250

			Dilutive securities

			152

			111

			Weighted average shares outstanding- diluted

			29,501

			29,361

			Net income per share - basic

			$
			1.13

			$
			0.89

			Net income per share - diluted

			1.13

			0.88

Certain SARs that were excluded from the EPS calculation because their impact was antidilutive were as follows:

			Three months ended

			(shares in thousands)

			March 31,

			2025

			2024

			Antidilutive SARs

			14

			115

43

			(19)

			Stock-Based Compensation

The fair value of all stock-based awards granted, net of estimated forfeitures, is recognized as compensation expense over the respective service period.

At Bancorp's 2015 Annual Meeting of Shareholders, shareholders approved the 2015 Omnibus Equity Compensation Plan and authorized the shares available from the expiring 2005 plan for future awards under the 2015 plan. In 2018, shareholders approved an additional 500,000 shares for issuance under the plan. Shareholders approved an additional 1 million shares for issuance under the plan in 2024. As of March 31, 2025, there were 946,000 shares available for future awards. The 2005 Stock Incentive Plan expired in April 2015 and SARs granted under this plan expire in 2025. The 2015 Stock Incentive Plan has no defined expiration date.

SAR Grants – SARs granted have a vesting schedule of 20% per year