Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2023

7. EARNINGS PER SHARE (“EPS”)

Basic and diluted earnings per common share is calculated using net income divided by the weighted average number of shares of Common Stock outstanding, including unissued, vested directors’ deferred compensation shares of 261,320, 241,352, and 219,286, respectively, during the year ended December 31, 2023, three months ended December 31, 2022, and year ended September 30, 2022. As of December 31, 2023, there were no participating securities.

For the year ended December 31, 2023, three months ended December 31, 2022, and year ended September 30, 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 753,336, 401,273 and 460,667, respectively, for the year ended December 31, 2023, three months ended December 31, 2022, and year ended September 30, 2022.

The following table sets forth the computation of earnings (loss) per share.


	Year Ended		Three Months Ended		Year Ended
	December 31, 2023		December 31, 2022		September 30, 2022
Basic EPS
Numerator:
Basic net income (loss)	$	13,920,800	$	3,346,133	$	20,409,272
Denominator:
Common Shares		35,718,989		35,438,388		34,184,212
Unissued, directors' deferred compensation shares		261,320		241,352		219,286
Basic weighted average shares outstanding		35,980,309		35,679,740		34,403,498
Basic EPS	$	0.39	$	0.09	$	0.59

Diluted EPS
Numerator:
Basic net income (loss)	$	13,920,800	$	3,346,133	$	20,409,272
Diluted net income (loss)		13,920,800		3,346,133		20,409,272
Denominator:
Basic weighted average shares outstanding		35,980,309		35,679,740		34,403,498
Effects of dilutive securities:
Unvested restricted stock		-		809,613		156,812
Diluted weighted average shares outstanding		35,980,309		36,489,353		34,560,310
Diluted EPS	$	0.39	$	0.09	$	0.59