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Earnings (loss) Per Share
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings (loss) Per Share

6) Earnings (loss) Per Share

 

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

  

   2022   2021   2022   2021 
   Three Months Ended
September 30		   Nine Months Ended
September 30		 
   2022   2021   2022   2021 
Numerator:                    
Net earnings (loss)  $(2,353,185)  $10,790,730   $4,449,982   $34,176,924 
Denominator:                    
Basic weighted-average shares outstanding   20,926,823    21,152,747    21,164,377    21,109,092 
Effect of dilutive securities:                    
Employee stock options   685,432    860,967    783,207    850,960 
                     
Diluted weighted-average shares outstanding   21,612,255    22,013,714    21,947,584    21,960,052 
                     
Basic net earnings (loss) per share  $(0.11)  $0.51   $0.21   $1.62 
                     
Diluted net earnings (loss) per share  $(0.11)  $0.49   $0.20   $1.56 

 

For the nine months September 30, 2022 and 2021, there were 339,150 and nil anti-dilutive employee stock option shares, respectively, that were not included in the computation of diluted net earnings per common share as their effect would be anti-dilutive. 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   111,608    - 
Stock dividends   837,410    131,553 
Conversion of Class C to Class A   49,247    (49,247)
           
Outstanding shares at September 30, 2021   17,594,048    2,761,909 
           
Outstanding shares at December 31, 2021   17,642,722    2,866,565 
           
Exercise of stock options   69,096    - 
Stock dividends   889,554    139,462 
Conversion of Class C to Class A   116,168    (116,168)
           
Outstanding shares at September 30, 2022   18,717,540    2,889,859 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2022 (Unaudited)