Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

6) Earnings Per Share

Earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share amounts were calculated as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023		2022			2023		2022
Numerator:
Net earnings (loss)	$	4,041,293	$	(2,353,185	)	$	11,634,171	$	4,449,982
Denominator:
Basic weighted-average shares outstanding		22,063,495		21,976,292			22,066,243		22,213,846
Effect of dilutive securities:
Employee stock options		768,231		719,704			634,099		822,367
Diluted weighted-average shares outstanding		22,831,726		22,695,996			22,700,342		23,036,213
Basic net earnings (loss) per share	$	0.18	$	(0.11	)	$	0.53	$	0.20
Diluted net earnings (loss) per share	$	0.18	$	(0.10	)	$	0.51	$	0.19

For the nine month periods ended September 30, 2023, and 2022, there were 55,125 and 339,150 anti-dilutive stock option shares, respectively, that were not included in the computation of diluted net earnings per common share as their effect would be anti-dilutive. Basic and diluted earnings per share amounts are the same for each class of common stock.

The following table summarizes the activity in shares of capital stock.

	Class A		Class C
Outstanding shares at December 31, 2021		17,642,722		2,866,565
Exercise of stock options		69,096		-
Stock dividends		889,554		139,462
Conversion of Class C to Class A		116,168		(116,168	)
Outstanding shares at September 30, 2022		18,717,540		2,889,859
Outstanding shares at December 31, 2022		18,758,031		2,889,859
Exercise of stock options		239,191		-
Vesting of restricted stock units		810		-
Stock dividends		949,980		141,594
Conversion of Class C to Class A		59,599		(59,599	)
Outstanding shares at September 30, 2023		20,007,611		2,971,854

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2023 (Unaudited)