Book Value From Banks Not My CalculationAll of the BV's in my piece are directly from each of the banks Q4 supplemental statements (not my calculations). You can't take shareholders' equity divided by shares outstanding to get BVPS. That's because there are preferred shares embedded into shareholders' equity. Making things more complicated, preferred shares have different classifications. some are considered common equity equivalents (i.e., those that are perpetual and non-cumulative) and some are merely equity components.