The book value per share of common stock expresses the relationship of common stockholders' equity to the number of shares of common stock outstanding.

因此，如果公司只发行普通股，每股账面价值的计算为股东权益总额除以发行在外的股数。

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Last fall Berkshire announced that if the per-share book value fell below 110% of the stock price (1.1x the stock price) the company would step in and repurchase shares.

FORBES: Connect

One example of a company that actually did make large repurchases of shares substantially below book value in 2011 is American Capital ( NASDAQ: ACAS), which announced it bought back millions of shares of its own stock, at prices considerably below its most recent reported book value per share, thereby elevating the per-share book value of the remaining shares.

FORBES: The Importance of Book Value

The fact that the stock price has lagged the increase in per-share book value is what savvy investors should take note of.

FORBES: Connect