Quarterly report pursuant to Section 13 or 15(d)

Income Per Share

v3.23.3
Income Per Share
9 Months Ended
Sep. 30, 2023
Income Per Share  
Income Per Share

Note 11 — Income Per Share

The Company has two classes of common stock, Class A and Class B.  Basic and diluted earnings per share (“EPS”) attributable to common stockholders for Class A and Class B common stock were the same because they were entitled to the same liquidation and dividend rights.  The following table sets forth the computation of the Company’s basic and diluted income per share:

    

For the Three Months Ended

 

For the Nine Months Ended

September 30, 

 

September 30, 

    

2023

    

2022

    

2023

    

2022

Net income

$

3,350,854

$

810,783

$

3,211,876

$

2,753,523

Weighted average common shares outstanding - basic

 

14,268,168

 

14,178,000

 

14,216,211

 

11,846,601

Options to purchase common stock

 

32,033

 

 

74,595

 

Unvested restricted stock units

526,964

367,241

526,964

150,368

Weighted average common shares outstanding - diluted

 

14,827,165

 

14,545,241

 

14,817,770

 

11,996,969

Net income per common share, basic

$

0.23

$

0.06

$

0.23

$

0.23

Net income per common share, diluted

$

0.23

$

0.06

$

0.22

$

0.23

The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:

    

For the Three Months Ended

 

For the Nine Months Ended

September 30, 

 

September 30, 

    

2023

    

2022

    

2023

    

2022

Warrants to purchase common stock

 

3,217,800

 

3,220,000

 

3,217,800

 

3,220,000

Options to purchase common stock

 

142,650

 

261,600

 

139,950

 

261,600

Total excludable from net income per share attributable to common stockholders - diluted

 

3,360,450

 

3,481,600

 

3,357,750

 

3,481,600