Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.22.4
Earnings Per Share
3 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

Note 13: Earnings Per Share

Net income per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s Consolidated Balance Sheet. Diluted net income per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential common shares consist of the additional common shares issuable in respect of restricted share awards, stock options and convertible preferred stock. Preferred stock dividends are subtracted from net earnings to determine the amount available to common stockholders.

The following table presents the computation of basic and diluted net earnings per share (in 000's):

 

 

 

Three Months Ended December 31,

 

 

 

2022

 

 

2021

 

Basic

 

 

 

 

 

 

Net income

 

$

1,844

 

 

$

6,546

 

Less: preferred stock dividends

 

 

 

 

 

 

Net income applicable to common stock

 

$

1,844

 

 

$

6,546

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

3,059,035

 

 

 

1,582,334

 

Basic earnings per share

 

$

0.60

 

 

$

4.14

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

Net income applicable to common stock

 

$

1,844

 

 

$

6,546

 

Add: preferred stock dividends

 

 

 

 

 

 

Net income applicable for diluted earnings per share

 

$

1,844

 

 

$

6,546

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

3,059,035

 

 

 

1,582,334

 

Add: Options

 

 

30,467

 

 

 

40,534

 

Add: Series B Preferred Stock

 

 

 

 

 

1,578,950

 

Add: Series B Preferred Stock Warrants

 

 

 

 

 

 

Add: Series E Preferred Stock

 

 

239

 

 

 

239

 

Assumed weighted average common shares outstanding

 

 

3,089,741

 

 

 

3,202,057

 

Diluted earnings per share

 

$

0.60

 

 

$

2.04

 

 

There are 17,000 and 4,000 options to purchase shares of common stock that are anti-dilutive, and are not included in the three months ended December 31, 2022 and 2021, diluted earnings per share computations, respectively.