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

3 Months Ended

Mar. 31, 2023

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 March 31, 2023.

For the quarters ended March 31, 2023 and 2022, 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 498,431 and 161,295 for the quarters ended March 31, 2023 and 2022, respectively.

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


	Three Months Ended March 31,
	2023		2022
Basic EPS
Numerator:
Basic net income (loss)	$	9,553,244	$	(4,020,455	)
Denominator:
Common Shares		35,698,363		34,056,316
Unissued, directors' deferred compensation shares		237,428		236,139
Basic weighted average shares outstanding		35,935,791		34,292,455
Basic EPS	$	0.27	$	(0.12	)

Diluted EPS
Numerator:
Basic net income (loss)	$	9,553,244	$	(4,020,455	)
Diluted net income (loss)		9,553,244		(4,020,455	)
Denominator:
Basic weighted average shares outstanding		35,935,791		34,292,455
Effects of dilutive securities:
Unvested restricted stock		-		-
Diluted weighted average shares outstanding		35,935,791		34,292,455
Diluted EPS	$	0.27	$	(0.12	)