Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 19

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 19
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 allowance is limited by the amount that the security’s fair value is less than its amortized cost basis. Accrued interest receivable is recorded separately on the Consolidated Balance Sheet, and the allowance for credit losses excludes uncollectible accrued interest receivable.Collateral Dependent Assets ("CDAs")CDAs are loan credit exposures in which the borrower is either in foreclosure or is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral by Farmer Mac. Farmer Mac estimates the current expected credit loss on CDAs based upon the appraised value of the collateral, the costs to sell it, and any applicable credit protection such as a guarantee. 

(i)Earnings Per Common Share

Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock unit awards. The following schedule reconciles basic and diluted EPS for the years ended December 31, 2024, 2023, and 2022:Table 2.1For the Years Ended December 31,202420232022NetIncomeWeighted-Average Shares$ perShareNetIncomeWeighted-Average Shares$ perShareNetIncomeWeighted-Average Shares$ perShare(in thousands, except per share amounts)Basic EPSNet income attributable to common stockholders$180,428 10,874 $16.59 $172,838 10,829 $15.97 $150,979 10,791 $14.00 Effect of dilutive securities(1)SARs and restricted stock units— 101 (0.15)— 108 (0.16)— 92 (0.13)Diluted EPS$180,428 10,975 $16.44 $172,838 10,937 $15.81 $150,979 10,883 $13.87 (1)For the Years Ended December 31, 2024, 2023, and 2022, SARs and restricted stock units of 30,891, 32,683, and 32,448, respectively, were outstanding but not included in the computation of diluted earnings per share of common