Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2024

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 288,262 and 261,320, respectively, during the years ended December 31, 2024 and 2023. As of December 31, 2024, there were no participating securities.

For the years ended December 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 1,088,269 and 753,336, respectively, for the years ended December 31, 2024 and 2023.

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


	Year Ended December 31,
		2024		2023
Basic EPS
Numerator:
Basic net income (loss)	$	2,321,866	$	13,920,800
Denominator:
Common Shares		36,041,473		35,718,989
Unissued, directors' deferred compensation shares		288,262		261,320
Basic weighted average shares outstanding		36,329,735		35,980,309
Basic EPS	$	0.06	$	0.39

Diluted EPS
Numerator:
Basic net income (loss)	$	2,321,866	$	13,920,800
Diluted net income (loss)		2,321,866		13,920,800
Denominator:
Basic weighted average shares outstanding		36,329,735		35,980,309
Effects of dilutive securities:
Unvested restricted stock		82,535		-
Diluted weighted average shares outstanding		36,412,270		35,980,309
Diluted EPS	$	0.06	$	0.39