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, 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 May 31, 2022 and 2021, the Company excluded 190,000 options and 0 options because their impact was anti-dilutive. For the nine months ended May 31, 2022 and 2021, the Company excluded 105,000 options and 0 options because their impact was anti-dilutive.


	Three Months Ended				Nine Months Ended
(In thousands, except share and per share amounts)	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021

Net income	$	837	$	624	$	4,044	$	18,276

Basic weighted average common shares		23,970,290		23,907,140		23,944,394		23,885,179
Effect of dilutive securities		154,296		277,255		239,106		219,229
Weighted average shares applicable to diluted earnings per share		24,124,586		24,184,395		24,183,500		24,104,408

Earnings per share - basic	$	0.03	$	0.03	$	0.17	$	0.77
Earnings per share - diluted	$	0.03	$	0.03	$	0.17	$	0.76