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

6 Months Ended

Jun. 30, 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 June 30, 2023.

For the three and six months ended June 30, 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 692,685 and 556,555, respectively, for the three and six months ended June 30, 2023, and 720,254 and 445,943, respectively, for the three and six months ended June 30, 2022.

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


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023		2022
Basic EPS
Numerator:
Basic net income (loss)	$	(41,291	)	$	8,589,010	$	9,511,953	$	4,568,555
Denominator:
Common Shares		35,713,335			34,438,807		35,705,890		34,248,566
Unissued, directors' deferred compensation shares		251,946			213,348		244,725		224,681
Basic weighted average shares outstanding		35,965,281			34,652,155		35,950,615		34,473,247
Basic EPS	$	(0.00	)	$	0.25	$	0.26	$	0.13

Diluted EPS
Numerator:
Basic net income (loss)	$	(41,291	)	$	8,589,010	$	9,511,953	$	4,568,555
Diluted net income (loss)		(41,291	)		8,589,010		9,511,953		4,568,555
Denominator:
Basic weighted average shares outstanding		35,965,281			34,652,155		35,950,615		34,473,247
Effects of dilutive securities:
Unvested restricted stock		-			199,059		83,823		-
Diluted weighted average shares outstanding		35,965,281			34,851,214		36,034,438		34,473,247
Diluted EPS	$	(0.00	)	$	0.25	$	0.26	$	0.13