Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

v3.23.3
EARNINGS (LOSS) PER SHARE
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE EARNINGS (LOSS) PER SHARE
Basic and diluted loss per share data is computed using the two-class method based on the weighted average number of shares of Common Stock and Class B Common Stock outstanding during the periods. The undistributed earnings and losses are allocated between Common Stock and Class B Common Stock as if all earnings and losses had been distributed during the period. Common Stock and Class B Common Stock have equal rights to undistributed earnings and losses.
The following table sets forth the computation of basic net loss and diluted net loss per share under the two-class method for the three and nine months ended September 30, 2023 and 2022.
For the Three Months Ended For the Nine Months Ended
September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
Numerator for basic and diluted loss per Common Stock and Class B Common Stock share:
Net Loss $ (4,310,336) $ (15,501,704) $ (10,678,019) $ (8,966,821)
Less: Net income attributable to non-controlling interests 809,212  809,212  2,427,636  2,427,636 
Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (5,119,548) $ (16,310,916) $ (13,105,655) $ (11,394,457)
Less dividends / distributions:
Preferred dividend requirements $ 2,388,130  $ 2,388,130  7,164,390  7,164,390 
Common Stock dividends —  753,043  —  2,245,733 
Total undistributed loss $ (7,507,678) $ (19,452,089) $ (20,270,045) $ (20,804,580)
Common Stock undistributed loss - basic $ (7,187,583) $ (18,608,864) $ (19,404,323) $ (19,897,543)
Class B Common Stock undistributed loss - basic (320,095) (843,225) (865,722) (907,037)
Total undistributed loss - basic $ (7,507,678) $ (19,452,089) $ (20,270,045) $ (20,804,580)
Common Stock undistributed loss - diluted $ (7,507,678) $ (19,452,089) $ (20,270,045) $ (20,804,580)
Class B Common Stock undistributed loss - diluted (320,095) (843,225) (865,722) (907,037)
Total undistributed loss - diluted $ (7,827,773) $ (20,295,314) $ (21,135,767) $ (21,711,617)
Common Stock dividends $ —  $ 753,043  $ —  $ 2,245,733 
Common Stock undistributed loss - basic (7,187,583) (18,608,864) (19,404,323) (19,897,543)
Numerator for basic net loss per Common Stock share $ (7,187,583) $ (17,855,821) $ (19,404,323) $ (17,651,810)
Class B Common Stock dividends $ —  $ —  $ —  $ — 
Class B Common Stock undistributed loss - basic (320,095) (843,225) (865,722) (907,037)
Numerator for basic net loss per Class B Common Stock share $ (320,095) $ (843,225) $ (865,722) $ (907,037)
Common Stock dividends $ —  $ 753,043  $ —  $ 2,245,733 
Common Stock undistributed loss - diluted (7,507,678) (19,452,089) (20,270,045) (20,804,580)
Numerator for diluted net loss per Common Stock share $ (7,507,678) $ (18,699,046) $ (20,270,045) $ (18,558,847)
Class B Common Stock dividends $ —  $ —  $ —  $ — 
Class B Common Stock undistributed loss - diluted (320,095) (843,225) (865,722) (907,037)
Numerator for diluted net loss per Class B Common Stock share $ (320,095) $ (843,225) $ (865,722) $ (907,037)
Denominator for basic net loss per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic 15,353,513  15,089,708  15,325,852  14,999,570 
Class B Common Stock weighted average shares outstanding - basic 683,761  683,761  683,761  683,761 
Denominator for diluted net loss per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted(1)(2)
15,818,470  15,554,665  15,790,809  15,464,527 
Class B Common Stock weighted average shares outstanding - diluted(3)
683,761  683,761  683,761  683,761 
Basic net loss per share:
Common Stock $ (0.47) $ (1.18) $ (1.27) $ (1.18)
Class B Common Stock (0.47) (1.23) (1.27) (1.33)
Diluted net loss per share:
Common Stock $ (0.47) $ (1.20) $ (1.28) $ (1.20)
Class B Common Stock (0.47) (1.23) (1.27) (1.33)
(1) For purposes of the diluted net loss per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted at a ratio of 1.00 Class B Common Stock share to 0.68 Common Stock share; therefore, 100.00% of undistributed losses are allocated to Common Stock.
(2) For the three and nine months ended September 30, 2023 and 2022, 2,361,000 shares of Common Stock are excluded from the computation of diluted net loss per share because their effect would be antidilutive. These shares are related to the 5.875% Convertible Notes.
(3) For purposes of the diluted net loss per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed not converted to Common Stock.