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

9 Months Ended

May 31, 2023

NOTE 12 – EARNINGS PER SHARE

Earnings per share (EPS) is 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 May 31, 2023 and 2022, the Company excluded 600,999 options and 558,204 options because their impact was anti-dilutive. For the nine months ended May 31, 2023 and 2022, the Company excluded 602,461 options and 473,394 options because their impact was anti-dilutive.


	Three Months Ended				Nine Months Ended
(In thousands, except share and per share amounts)	May 31, 2023		May 31, 2022		May 31, 2023		May 31, 2022
Net income	$	3,295	$	837	$	3,643	$	4,044

Basic weighted average common shares		24,054,843		23,970,290		24,021,582		23,944,394
Effect of dilutive securities		111,501		154,296		110,039		239,106
Weighted average shares applicable to diluted earnings per share		24,166,344		24,124,586		24,131,621		24,183,500

Earnings per share - basic	$	0.14	$	0.03	$	0.15	$	0.17
Earnings per share - diluted	$	0.14	$	0.03	$	0.15	$	0.17