Note 14 – Earnings Per Share

Basic earnings per share (“EPS”) is determined by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is determined by dividing net income available to common shareholders by the weighted-average number of shares outstanding, increased by both the number of shares that would be issued assuming the exercise of instruments under the Company's incentive stock plan.
For the years ended
December 31,
(Dollars in thousands except shares and per share data)202520242023
Numerator for earnings per share:
Net income from continuing operations$26,922 $20,245 $22,224 
Net (income) loss attributable to noncontrolling interest18 (154)226 
Net income available to common shareholders from continuing operations26,940 20,091 22,450 
Net income from discontinued operations available to common shareholders - basic and diluted— — 8,782 
Net income available to common shareholders$26,940 $20,091 $31,232 
Denominator:
Weighted-average shares outstanding - basic12,775,242 12,890,161 12,694,206 
Effect of dilutive stock options and restricted stock units330,279 246,597 303,126 
Weighted-average shares outstanding - diluted13,105,521 13,136,758 12,997,332 
Earnings per share from continuing operations - basic$2.11 $1.56 $1.77 
Earnings per share from discontinued operations - basic$— $— $0.69 
Earnings per common share - basic$2.11 $1.56 $2.46 
Earnings per share from continuing operations - diluted$2.06 $1.53 $1.72 
Earnings per share from discontinued operations - diluted$— $— $0.68 
Earnings per common share - diluted$2.06 $1.53 $2.40 
Instruments not included in the computation of diluted EPS because the effect would be antidilutive100,543 136,701 364,105 
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Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 13, 2025
2023Mar 13, 2024
2022Mar 16, 2023

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.