Basic And Diluted Earnings (Loss) Per Common Share ("EPS")

3 Months Ended

Dec. 31, 2022

Basic And Diluted Earnings (Loss) Per Common Share ("EPS")

NOTE 4: Basic and Diluted Earnings (Loss) Per Common Share (“EPS”)

Basic earnings (loss) per share of Common Stock is calculated using net income (loss) divided by the weighted average number of voting shares of Common Stock outstanding, including unissued, vested directors’ deferred compensation shares, during the period. Diluted earnings (loss) per share of Common Stock is calculated using net income (loss) divided by the weighted average number of voting shares of Common Stock outstanding, including unissued, vested directors’ deferred compensation shares and any other potentially dilutive shares of Common Stock, during the period. Participating securities had no effect on basic and diluted EPS at December 31, 2022.

For the quarter ended December 31, 2021, the Company excluded restricted stock in the diluted EPS calculation that would have been antidilutive. The average shares outstanding of restricted stock excluded from the diluted EPS was 73,208 for the quarter ended December 31, 2021.

The following table presents a reconciliation of the components of basic and diluted EPS.


	Three Months Ended December 31,
	2022		2021
Basic EPS
Numerator:
Basic net income (loss)	$	3,346,133	$	6,682,249
Denominator:
Common Shares		35,438,388		32,895,631
Unissued, directors' deferred compensation shares		241,352		232,091
Basic weighted average shares outstanding		35,679,740		33,127,722
Basic EPS	$	0.09	$	0.20

Diluted EPS
Numerator:
Basic net income (loss)	$	3,346,133	$	6,682,249
Diluted net income (loss)		3,346,133		6,682,249
Denominator:
Basic weighted average shares outstanding		35,679,740		33,127,722
Effects of dilutive securities:
Unvested restricted stock		809,613		-
Diluted weighted average shares outstanding		36,489,353		33,127,722
Diluted EPS	$	0.09	$	0.20