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

Quarterly report [Sections 13 or 15(d)]

EARNINGS PER SHARE

EARNINGS PER SHARE

6 Months Ended

Feb. 28, 2026

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 February 28, 2026 and 2025, the Company excluded 389,396 options and 377,040 options, respectively, because their impact was anti-dilutive. For the six months ended February 28, 2026 and 2025, the Company excluded 392,216 and 389,603 options, respectively, because their impact was anti-dilutive.


		Three Months Ended						Six Months Ended
(In thousands, except share and per share amounts)		February 28, 2026			February 28, 2025			February 28, 2026			February 28, 2025
Net income		$	1,105		$	809		$	5,670		$	4,746

Basic weighted average common shares			24,101,754			24,083,718			24,090,861			24,077,780
Effect of dilutive securities			70,104			112,460			67,284			99,897
Weighted average shares applicable to diluted earnings per share			24,171,858			24,196,178			24,158,145			24,177,677

Earnings per share - basic		$	0.05		$	0.03		$	0.24		$	0.20
Earnings per share - diluted		$	0.05		$	0.03		$	0.23		$	0.20