EX-11 2 mvbf-20151231xex11.htm EX-11 mvbf_Ex-11

Exhibit 11

Earnings Per Share

 

Earnings per Share are calculated as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the years ended

 

 

 

December 31,

 

(Dollars in thousands except shares and per share data)

    

2015

 

2014

    

2013

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic earnings per share:

 

 

 

 

 

 

 

 

 

 

Net Income

 

$
6,816

 

$
2,079

 

$
4,020

 

Less: Dividends on preferred stock

 

 
575

 

 
332

 

 
85

 

Net income available to common shareholders

 

$
6,241

 

$
1,747

 

$
3,935

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

Net Income

 

$
6,816

 

$
2,079

 

$
4,020

 

Add: Interest on subordinated debt (tax effected)

 

 
1,389

 

 

 —

 

 

 —

 

Less: Dividends on preferred stock

 

 
575

 

 
332

 

 
85

 

Net income available to common shareholders

 

$
7,630

 

$
1,747

 

$
3,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

Total average shares outstanding

 

 
8,014,316

 

 
7,905,468

 

 
6,657,093

 

Effect of dilutive convertible subordinated debt

 

 
1,837,500

 

 

 —

 

 

 —

 

Effect of dilutive stock options

 

 
125,800

 

 
196,649

 

 
281,935

 

Total diluted average shares outstanding

 

 
9,977,616

 

 
8,102,117

 

 
6,939,028

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share - Basic

 

$
0.78

 

$
0.22

 

$
0.59

 

Earnings Per Share - Diluted

 

$
0.76

 

$
0.22

 

$
0.57

 

 

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