Note 4 – 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.

For all periods presented, all share and per share data have been retroactively adjusted for the effect of the 50% Stock Dividend paid in October 2025, which was accounted for as a stock split effected in the form of a stock dividend.

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

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For the three and six months ended June 30, 2025, 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 common share because the effect of their conversion would be anti-dilutive due to the net losses; the 900,000 shares of common stock that were issued on conversion of the Series A Convertible Preferred Stock in October 2025 are included in the basic and diluted shares outstanding for the three and six months ended June 30, 2026. For the three months ended June 30, 2025, and for the six months ended June 30, 2026 and 2025, 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 common share for those periods because their effect would be anti-dilutive due to the net loss applicable to common stockholders.