Merchants Bancorp Earnings Per Share Disclosure
Note 22: Earnings Per Share
Earnings per share were computed as follows for years ended December 31, 2025, 2024, and 2023.
Year Ended December 31, | ||||||||||||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||||||
Weighted- | Per | Weighted- | Per | Weighted- | Per | |||||||||||||||||||
Net | Average | Share | Net | Average | Share | Net | Average | Share | ||||||||||||||||
| Income | | Shares | | Amount | | Income | | Shares | | Amount | | Income | | Shares | | Amount | |||||||
| (In thousands, except share data) | |||||||||||||||||||||||
Net income | $ | 218,770 | $ | 320,386 | $ | 279,234 |
| | ||||||||||||||||
Dividends on preferred stock | (41,062) | (34,909) | (34,670) | |||||||||||||||||||||
Preferred stock redemption |
| (4,156) |
| |
| |
| (1,823) |
| — |
| |
| | ||||||||||
Net income allocated to common shareholders | $ | 173,552 |
| |
| | $ | 283,654 | $ | 244,564 |
| |
| | ||||||||||
Basic earnings per share |
| |
| 45,871,698 | $ | 3.78 |
| 44,855,100 | $ | 6.32 |
| |
| 43,224,042 | $ | 5.66 | ||||||||
Effect of dilutive securities—restricted stock awards |
| |
| 71,032 |
| | 149,686 |
| |
| |
| 121,757 |
| | |||||||||
Diluted earnings per share |
| |
| 45,942,730 | $ | 3.78 | 45,004,786 | $ | 6.30 |
| |
| 43,345,799 | $ | 5.64 | |||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Mar 12, 2024 | |
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.