NOTE 13. EARNINGS PER SHARE The following table summarizes the basic and diluted earnings per common share calculation for the fiscal years ended March 31, 2026 and 2025: | | | | | | | | | 2026 | | 2025 | Basic earnings per common share | | | | | | | Net income attributable to Reservoir Media, Inc. | | $ | 8,302,664 | | $ | 7,749,913 | Weighted average common shares outstanding - basic | | | 65,536,506 | | | 65,161,373 | Earnings per common share - basic | | $ | 0.13 | | $ | 0.12 | | | | | | | | Diluted earnings per common share | | | | | | | Net income attributable to Reservoir Media, Inc. | | $ | 8,302,664 | | $ | 7,749,913 | Weighted average common shares outstanding - basic | | | 65,536,506 | | | 65,161,373 | Weighted average effect of potentially dilutive securities: | | | | | | | Effect of dilutive stock options and RSUs | | | 770,927 | | | 787,993 | Weighted average common shares outstanding - diluted | | | 66,307,433 | | | 65,949,366 | Earnings per common share - diluted | | $ | 0.13 | | $ | 0.12 |
Because of their anti-dilutive effect, 5,887,500 shares of Common Stock equivalents comprised of warrants have been excluded from the diluted earnings per share calculation for the fiscal years ended March 31, 2026 and 2025.
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