Pure Cycle Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

EARNINGS PER SHARE

EARNINGS PER SHARE

3 Months Ended

Nov. 30, 2025

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 November 30, 2025 and 2024, the Company excluded 433,208 options and 404,060 options, respectively, because their impact was anti-dilutive.


		Three Months Ended
(In thousands, except share and per share amounts)		November 30, 2025			November 30, 2024
Net income		$	4,565		$	3,937

Basic weighted average common shares			24,080,086			24,071,907
Effect of dilutive securities			76,292			85,440
Weighted average shares applicable to diluted earnings per share			24,156,378			24,157,347

Earnings per share - basic		$	0.19		$	0.16
Earnings per share - diluted		$	0.19		$	0.16