Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 43

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 43
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			0.94

			$
			2.29

			$
			1.83

			Net income per share - diluted

			1.15

			0.94

			2.28

			1.82

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

			Three months ended

			Six months ended

			(shares in thousands)

			June 30,

			June 30, 

			2025

			2024

			2025

			2024

			Antidilutive SARs

			26

			136

			20

			125

45

			(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 June 30, 2025, there were 951,000 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 and expire ten years after the grant date unless forfeited due to employment termination.

Fair values of SARs are estimated at the date of grant using the Black-Scholes option-pricing model, a leading formula for calculating such value. This model requires the input of assumptions, changes to which can materially impact the fair value estimate. The following assumptions were used in SAR valuations at the grant date in each year:

			Assumptions

			2025

			2024

			Dividend yield

			2.26
			%

			2.29
			%

			Expected volatility

			29.29
			%

			28.43
			%