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Earnings Per Share
 6 Months Ended
Jun. 30, 2023
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:

 

   2023   2022   2023   2022 
   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2023   2022   2023   2022 
Numerator:                    
Net earnings  $6,352,706   $3,574,449   $7,592,878   $6,803,167 
Denominator:                    
Basic weighted-average shares outstanding   22,005,332    22,233,852    22,066,991    22,331,911 
Effect of dilutive securities:                    
Employee stock options   563,301    874,799    550,897    893,689 
                     
Diluted weighted-average shares outstanding   22,568,633    23,108,651    22,617,888    23,225,600 
                     
Basic net earnings per share  $0.29   $0.16   $0.34   $0.30 
                     
Diluted net earnings per share  $0.28   $0.15   $0.34   $0.29 

 

For the six month periods ended June 30, 2023, and 2022, there were 55,125 and 52,500 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, 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   77,316    (77,316)
           
Outstanding shares at June 30, 2022   18,678,688    2,928,711 
           
Outstanding shares at December 31, 2022   18,758,031    2,889,859 
           
Exercise of stock options   127,688    - 
Vesting of restricted stock units   405    - 
Stock dividends   949,675    141,594 
Conversion of Class C to Class A   57,901    (57,901)
           
Outstanding shares at June 30, 2023   19,893,700    2,973,552 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)