Net Earnings (Loss) Per Share

9 Months Ended

Dec. 31, 2022

Basic earnings (loss) per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings (loss) per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.

During the three months ended September 30, 2022, 3,750 options were exercised under the Air T's 2012 Stock Option Plan at $5.75 per share, which was disclosed within our condensed consolidated statement of equity. 7,500 unexpired options remain outstanding under this plan as of December 31, 2022.

The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Net income (loss)	$	108	$	(1,189)	$	(2,029)	$	7,141
Net income attributable to non-controlling interests	(698)		(73)		(1,226)		(559)
Net (loss) income attributable to Air T, Inc. Stockholders	$	(590)	$	(1,262)	$	(3,255)	$	6,582
(Loss) Income per share:
Basic	$	(0.21)	$	(0.44)	$	(1.14)	$	2.28
Diluted	$	(0.21)	$	(0.44)	$	(1.14)	$	2.28
Antidilutive shares excluded from computation of (loss) income per share	5		11		5		—

Weighted Average Shares Outstanding:
Basic	2,836		2,882		2,855		2,882
Diluted	2,836		2,882		2,855		2,893