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

9 Months Ended

Sep. 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 September 30, 2024.

For the three and nine months ended September 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 577,318 and 815,399, respectively, for the three and nine months ended September 30, 2024 and 564,578 and 464,151, respectively, for the three and nine months ended September 30, 2023.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic EPS
Numerator:
Basic net income (loss)	$	1,100,310	$	1,895,403	$	2,212,466	$	11,407,356
Denominator:
Common Shares		36,049,083		35,713,177		36,015,680		35,708,346
Unissued, directors' deferred compensation shares		267,659		269,939		290,913		253,224
Basic weighted average shares outstanding		36,316,742		35,983,116		36,306,593		35,961,570
Basic EPS	$	0.03	$	0.05	$	0.06	$	0.32
Diluted EPS
Numerator:
Basic net income (loss)	$	1,100,310	$	1,895,403	$	2,212,466	$	11,407,356
Diluted net income (loss)		1,100,310		1,895,403		2,212,466		11,407,356
Denominator:
Basic weighted average shares outstanding		36,316,742		35,983,116		36,306,593		35,961,570
Effects of dilutive securities:
Unvested restricted stock		666,927		673,156		425,050		708,924
Diluted weighted average shares outstanding		36,983,669		36,656,272		36,731,643		36,670,494
Diluted EPS	$	0.03	$	0.05	$	0.06	$	0.31