Business First Bancshares, Inc.BFST

Business First Bancshares, Inc. Earnings Per Share Disclosure

10-KFiled Feb 26, 20262 min read
Earnings per Common Share –
Basic earnings per common share (“EPS”) represents income available to common shareholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock options, unvested restricted stock awards (“RSAs”), unvested restricted stock units ("RSUs") and performance shares, excluding any that were antidilutive. In addition, nonvested share-based payment awards that
contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method.
Years Ended December 31,
(Dollars in thousands, except per share data)202520242023
Numerator:
Net Income$87,861 $65,107 $71,043 
Less: Preferred Stock Dividends5,401 5,401 5,401 
Net Income Available to Common Shares$82,460 $59,706 $65,642 
Denominator:   
Weighted Average Common Shares Outstanding29,396,46226,253,84625,079,106
Dilutive Effect of Stock Options and Restricted Stock Awards149,240198,238217,094
Weighted Average Dilutive Common Shares29,545,70226,452,08425,296,200
Basic Earnings Per Common Share From Net Income Available to Common Shares$2.81 $2.27 $2.62 
Diluted Earnings Per Common Share From Net Income Available to Common Shares$2.79 $2.26 $2.59 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Mar 7, 2025
2023Mar 1, 2024
2022Mar 2, 2023
2021Mar 1, 2022
2020Mar 5, 2021

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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