Note 6 – Earnings Per Share

Basic earnings per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period, plus the dilutive effect of any dilutive securities.

On September 24, 2025, the Company declared a 50% common stock dividend that was paid on October 28, 2025. The effect of this stock dividend (which is accounted for as a stock split effected in the form of a stock dividend) has been applied retroactively to weighted average common shares outstanding and earnings per share, as if the 50% common stock dividend had occurred at the beginning of the earliest period presented.

The following table sets forth the computation of basic and diluted earnings per share:

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For 2024, 200,000 shares of Series A Convertible Preferred Stock convertible into 900,000 shares of Common Stock were outstanding but were not included in the computation of diluted earnings (loss) per share because the effect of their conversion would have been anti-dilutive due to the net losses; for 2025, they are not included because the preferred shares were converted to common shares in October 2025. For both years, 46,875 restricted stock units (relating to the same number of shares of Common Stock) were outstanding but were not included in the computation of diluted earnings (loss) per share because their effect would be anti-dilutive due to the net losses.