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Earnings Per Share
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

6) Earnings Per Share

 

Earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share amounts were calculated as follows:

 

   2022   2021 
   Three Months Ended
March 31		 
   2022   2021 
Numerator:        
Net earnings  $3,228,718   $12,128,715 
Denominator:          
Basic weighted-average shares outstanding   20,390,153    20,080,994 
Effect of dilutive securities:          
Employee stock options   842,367    928,251 
           
Diluted weighted-average shares outstanding   21,232,520    21,009,245 
           
Basic net earnings per share  $0.16   $0.60 
           
Diluted net earnings per share  $0.15   $0.58 

 

For the three months March 31, 2022 and 2021, there were no anti-dilutive employee stock option shares. Basic and diluted earnings per share amounts are the same for each class of common stock.

 

The following table summarizes the activity in shares of capital stock.

 

   Class A   Class C 
Outstanding shares at December 31, 2020   16,595,783    2,679,603 
           
Exercise of stock options   27,926    - 
Conversion of Class C to Class A   48,527    (48,527)
           
Outstanding shares at March 31, 2021   16,672,236    2,631,076 
           
Outstanding shares at December 31, 2021   17,642,722    2,866,565 
           
Exercise of stock options   50,223    - 
Conversion of Class C to Class A   207    (207)
           
Outstanding shares at March 31, 2022   17,693,152    2,866,358 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2022 (Unaudited)