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, 2024

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, 2024 and 2023, the Company excluded 475,130 options and 600,999 options because their impact was anti-dilutive. For

the nine months ended May 31, 2024 and 2023, the Company excluded 470,217 options and 602,461 options because their impact was anti-dilutive.


	Three Months Ended				Nine Months Ended
(In thousands, except share and per share amounts)	May 31, 2024		May 31, 2023		May 31, 2024		May 31, 2023
Net income	$	2,825	$	3,295	$	5,008	$	3,643

Basic weighted average common shares		24,087,170		24,054,843		24,085,578		24,021,582
Effect of dilutive securities		55,869		111,501		60,783		110,039
Weighted average shares applicable to diluted earnings per share		24,143,039		24,166,344		24,146,361		24,131,621

Earnings per share - basic	$	0.12	$	0.14	$	0.21	$	0.15
Earnings per share - diluted	$	0.12	$	0.14	$	0.21	$	0.15