Earnings Per Share

3 Months Ended

Mar. 31, 2024

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
	Three Months Ended March 31,
	2024		2023
Numerator:
Net earnings	$	7,474,522	$	1,240,172
Denominator:
Basic weighted-average shares outstanding		22,219,490		22,129,713
Effect of dilutive securities:
Employee stock options		726,352		558,060

Diluted weighted-average shares outstanding		22,945,842		22,687,773

Basic net earnings per share	$	0.34	$	0.06

Diluted net earnings per share	$	0.33	$	0.05

For the three month periods ended March 31, 2024 and 2023, there were 467,125 and 730,270 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

Stock dividends		48,046		-
Exercise of stock options
Vesting of restricted stock units
Conversion of Class C to Class A		936		(936	)

Outstanding shares at March 31, 2023		18,807,013		2,888,923

Outstanding shares at December 31, 2023		20,048,002		2,971,854
Common stock, outstanding shares, beginning		20,048,002		2,971,854

Exercise of stock options		-		-
Vesting of restricted stock units		405		-
Conversion of Class C to Class A		174		(174	)

Outstanding shares at March 31, 2024		20,048,581		2,971,680
Common stock, outstanding shares, ending		20,048,581		2,971,680

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2024 (Unaudited)

SECURITY NATIONAL FINANCIAL CORP 10-Q