Note 12 - Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2025

12.

Earnings (loss) per Share

Basic earnings (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to SHG by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted net income (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to SHG, adjusted for the assumed exchange of all potentially dilutive securities, by the weighted-average number of shares of Class A Common Stock outstanding adjusted to give effect to potentially dilutive shares using the treasury stock or if-converted method as appropriate. Shares of the Company’s Class B Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B Common Stock under the two-class method has not been presented.

	*Three Months Ended*						*Nine Months Ended*
	*September 30, 2025*			*September 30, 2024*			*September 30, 2025*			*September 30, 2024*
Numerator:
Net income (loss)	$	(4,653	)	$	(20,699	)	$	577		$	(37,735	)
Less: Net loss attributable to non-controlling interests		(2,775	)		(2,145	)		(8,622	)		(6,003	)
Basic net income (loss) attributable to Sky Harbour Group Corporation shareholders		(1,878	)		(18,554	)		9,199			(31,732	)
Less: Net (loss) attributable to LLC Interests		-			-			(8,622	)		-
Diluted net income (loss) attributable to Sky Harbour Group Corporation shareholders	$	(1,878	)	$	(18,554	)	$	577		$	(31,732	)

Denominator:
Basic weighted average shares of Class A Common Stock outstanding		33,881			25,055			33,792			24,689
Effect of dilutive exchange of Class B Common Stock		-			-			42,046			-
Effect of dilutive exchange of Sky Incentive Units		-			-			1,857			-
Effect of dilutive restricted stock		-			-			68			-
Diluted weighted average shares outstanding		33,881			25,055			77,763			24,689

Earnings (loss) per share of Class A Common Stock – Basic	$	(0.06	)	$	(0.74	)	$	0.27		$	(1.29	)
Earnings (loss) per share of Class A Common Stock – Diluted	$	(0.06	)	$	(0.74	)	$	0.01		$	(1.29	)

Potentially dilutive shares excluded from the weighted-average shares used to calculate the diluted net earnings (loss) per common share were as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Shares subject to unvested restricted stock units		989		959		757		959
Shares issuable upon the exercise of unvested stock options		1,125		439		1,125		439
Shares issuable upon the exercise of Warrants		15,798		15,803		15,798		15,803
Shares issuable upon the exchange of Class B Common Stock		42,046		42,046		-		42,046
Shares issuable upon the exercise and exchange of Sky Incentive Units		1,860		2,156		4		2,156

Sky Harbour Group Corp 10-Q