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

6 Months Ended

Jun. 30, 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 June 30, 2024.

For the three and six months ended June 30, 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 755,491 and 823,359, respectively, for the three and six months ended June 30, 2024 and 692,685 and 556,555, respectively, for the three and six months ended June 30, 2023.

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2024		2023			2024		2023
Basic EPS
Numerator:
Basic net income (loss)	$	1,295,771	$	(41,291	)	$	1,112,156	$	9,511,953
Denominator:
Common Shares		35,998,938		35,713,335			35,998,795		35,705,890
Unissued, directors' deferred compensation shares		309,286		251,946			302,745		244,725
Basic weighted average shares outstanding		36,308,224		35,965,281			36,301,540		35,950,615
Basic EPS	$	0.04	$	(0.00	)	$	0.03	$	0.26
Diluted EPS
Numerator:
Basic net income (loss)	$	1,295,771	$	(41,291	)	$	1,112,156	$	9,511,953
Diluted net income (loss)		1,295,771		(41,291	)		1,112,156		9,511,953
Denominator:
Basic weighted average shares outstanding		36,308,224		35,965,281			36,301,540		35,950,615
Effects of dilutive securities:
Unvested restricted stock		71,429		-			-		83,823
Diluted weighted average shares outstanding		36,379,653		35,965,281			36,301,540		36,034,438
Diluted EPS	$	0.04	$	(0.00	)	$	0.03	$	0.26