EARNINGS PER SHARE
There are no convertible securities, which would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statements of Income is used as the numerator.
The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation.
Year Ended December 31,20252024
(Dollars in Thousands, Except Share and Per Share Data)
Net Income$4,903 $12,594 
Weighted-Average Basic Common Shares Outstanding5,036,706 5,134,092 
Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock)270,210 168,430 
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding5,306,916 5,302,522 
Earnings Per Share:
Basic$0.97 $2.45 
Diluted0.92 2.38 
The dilutive effect on weighted average diluted common shares outstanding is the result of outstanding stock options and nonvested restricted stock. The following table presents as of the periods indicated (a) options to purchase shares of common stock that were outstanding but not included in the computation of earnings per share because the options' exercise price was greater than the average market price of the common shares for the period, and (b) shares of restricted stock awards that were not included in the computation of diluted earnings per share because the hypothetical repurchase of shares under the treasury stock method exceeded the weighted average nonvested restricted awards, therefore the effects would be anti-dilutive.
Year Ended December 31,20252024
Stock Options19,450 273,347 
Restricted Stock— — 
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Historical Timeline

Fiscal YearFiled
2025Mar 13, 2026Showing above
2024Mar 19, 2025
2023Mar 13, 2024
2022Mar 10, 2023
2020Mar 17, 2021
2019Mar 11, 2020
2018Mar 18, 2019
2017Mar 28, 2018
2016Mar 13, 2017
2015Mar 14, 2016

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.