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

6 Months Ended

Feb. 28, 2021

NOTE 14 – EARNINGS PER SHARE

Certain outstanding options are excluded from the diluted earnings per share calculation because they are anti-dilutive (i.e., their assumed conversion into common stock would increase rather than decrease earnings per share). The options excluded totaled 0 and 130,000 for the three and six months ended February 28, 2021. There were no excluded options for the three and six months ended February 29, 2020.

	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
	(In thousands, except share and per share amounts)
Net income	$	17,352	$	274	$	18,197	$	6,037
Basic weighted average common shares		23,881,655		23,846,265		23,874,198		23,836,431
Effect of dilutive securities		210,693		263,273		190,216		243,685
Weighted average shares applicable to diluted earnings per share		24,092,349		24,109,538		24,064,414		24,080,116
Earnings per share - basic	$	0.73	$	0.01	$	0.76	$	0.25
Earnings per share - diluted	$	0.72	$	0.01	$	0.76	$	0.25