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Earnings Per Share
 6 Months Ended
Jun. 30, 2024
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:

 

   2024   2023   2024   2023 
   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2024   2023   2024   2023 
Numerator:                    
Net earnings  $7,271,549   $6,352,706   $14,746,071   $7,592,878 
Denominator:                    
Basic weighted-average shares outstanding   23,297,455    23,110,818    23,313,768    23,172,477 
Effect of dilutive securities:                    
Employee stock options   576,503    591,466    663,136    578,442 
                     
Diluted weighted-average shares outstanding   23,873,958    23,702,284    23,976,904    23,750,919 
                     
Basic net earnings per share  $0.31   $0.27   $0.63   $0.33 
                     
Diluted net earnings per share  $0.30   $0.27   $0.62   $0.32 

 

For the six month periods ended June 30, 2024 and 2023, there were 143,456 and 55,125 anti-dilutive 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, 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 
           
Outstanding shares at December 31, 2023   20,048,002    2,971,854 
           
Exercise of stock options   32,082    - 
Vesting of restricted stock units   865    - 
Stock dividends   1,004,721    148,578 
Conversion of Class C to Class A   266    (266)
           
Outstanding shares at June 30, 2024   21,085,936    3,120,166 

 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024 (Unaudited)