EARNINGS PER SHARE

9 Months Ended

Feb. 28, 2023

Basic net income (loss) per share (“EPS”) of Common Stock is computed by dividing the Company’s net earnings (loss) by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the securities or other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in the earnings of the entity.

Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. The table below shows the calculation for earnings per share:


Basic and diluted loss per share:	Three Months Ended				Nine Months Ended
	February 28, 2023		February 28, 2022		February 28, 2023		February 28, 2022
Net loss from continuing operations	$	(7,341)	$	(2,397)	$	(38,750)	$	(17,843)
Net loss from discontinued operations, net of income taxes	—		(4,048)		—		(2,870)
Net loss including noncontrolling interests	(7,341)		(6,445)		(38,750)		(20,713)
Net loss attributable to noncontrolling interest	(316)		—		(577)		—
Net loss attributable to Applied Digital Corporation	$	(7,025)	$	(6,445)	$	(38,173)	$	(20,713)

Basic and diluted net (loss) gain per share:
Continuing Operations	$	(0.08)	$	(0.04)	$	(0.41)	$	(0.35)
Discontinued Operations	$	—	$	(0.08)	$	—	$	(0.06)
Basic and diluted net loss per share	$	(0.08)	$	(0.12)	$	(0.41)	$	(0.41)
Basic and diluted weighted average number of shares outstanding	94,119,944		53,396,920		93,545,687		50,546,048