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

9 Months Ended

Sep. 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 September 30, 2023.

For the three and nine months ended September 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 564,578 and 464,151, respectively, for the three and nine months ended September 30, 2023, and 628,469 and 410,083, respectively, for the three and nine months ended September 30, 2022.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic EPS
Numerator:
Basic net income (loss)	$	1,895,403	$	9,158,468	$	11,407,356	$	13,727,023
Denominator:
Common Shares		35,713,177		35,346,182		35,708,346		34,618,459
Unissued, directors' deferred compensation shares		269,939		227,631		253,224		214,968
Basic weighted average shares outstanding		35,983,116		35,573,813		35,961,570		34,833,427
Basic EPS	$	0.05	$	0.26	$	0.32	$	0.39

Diluted EPS
Numerator:
Basic net income (loss)	$	1,895,403	$	9,158,468	$	11,407,356	$	13,727,023
Diluted net income (loss)		1,895,403		9,158,468		11,407,356		13,727,023
Denominator:
Basic weighted average shares outstanding		35,983,116		35,573,813		35,961,570		34,833,427
Effects of dilutive securities:
Unvested restricted stock		673,156		343,065		708,924		370,814
Diluted weighted average shares outstanding		36,656,272		35,916,878		36,670,494		35,204,241
Diluted EPS	$	0.05	$	0.25	$	0.31	$	0.39