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

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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, 2024.

For the three months ended March 31, 2024 and 2023, 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 946,350 and 498,431 for the three months ended March 31, 2024 and 2023, respectively.

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

	Three Months Ended March 31,
	2024			2023
Basic EPS
Numerator:
Basic net income (loss)	$	(183,615	)	$	9,553,244
Denominator:
Common Shares		35,998,651			35,698,363
Unissued, directors' deferred compensation shares		304,741			237,428
Basic weighted average shares outstanding		36,303,392			35,935,791
Basic EPS	$	(0.01	)	$	0.27
Diluted EPS
Numerator:
Basic net income (loss)	$	(183,615	)	$	9,553,244
Diluted net income (loss)		(183,615	)		9,553,244
Denominator:
Basic weighted average shares outstanding		36,303,392			35,935,791
Effects of dilutive securities:
Unvested restricted stock		-			-
Diluted weighted average shares outstanding		36,303,392			35,935,791
Diluted EPS	$	(0.01	)	$	0.27