Pure Cycle Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

3 Months Ended

Feb. 28, 2022

NOTE 12 – EARNINGS PER SHARE

The Company’s earnings per share (EPS) was calculated by dividing net income attributable to common shareholders by the weighted-average shares of common stock outstanding during the period. Certain outstanding options are excluded from the diluted EPS calculation because they are anti-dilutive (i.e., their assumed conversion into common stock would increase rather than decrease EPS). For the three months ended February 28, 2022 and 2021, the Company excluded 105,000 options and 0 options because their impact was anti-dilutive. For the six months ended February 28, 2022 and 2021, the Company did not have any anti-dilutive options.


	Three Months Ended				Six Months Ended
(In thousands, except share and per share amounts)	February 28, 2022		February 28, 2021		February 28, 2022		February 28, 2021

Net income	$	1,693	$	17,352	$	3,207	$	18,197

Basic weighted average common shares		23,944,141		23,881,655		23,931,307		23,874,198
Effect of dilutive securities		240,020		210,694		263,272		190,216
Weighted average shares applicable to diluted earnings per share		24,184,161		24,092,349		24,194,579		24,064,414

Earnings per share - basic	$	0.07	$	0.73	$	0.13	$	0.76
Earnings per share - diluted	$	0.07	$	0.72	$	0.13	$	0.76