Annual report pursuant to Section 13 and 15(d)

EARNINGS (LOSS) PER SHARE

v3.23.1
EARNINGS (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE EARNINGS (LOSS) PER SHARE
Basic and diluted earnings (loss) per share data is computed using the two-class method for the years ended December 31, 2022 and December 31, 2021, 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. For the year ended December 31, 2020, the two-class method was not applicable as there was only one outstanding class of common stock.
As described in Note 20 ("Restatement Of Prior Period"), the Company previously reported earnings per share for its Common Stock and Class B Common Stock on a combined basis, however, beginning with the quarter ended September 30, 2021 when the Class B Common Stock was first issued, the Company should have reported earnings per share using the two-class method, under which earnings per share for its Common Stock and Class B Common Stock should have been separately calculated and reported, during these periods. Additionally, due to the error in calculating net income allocable to non-controlling interest that is further described in Note 20 ("Restatement Of Prior Period"), the numerator used in calculating earnings per share was incorrect beginning with the quarter ended March 31, 2021.
The following table sets forth the computation of basic net loss and diluted net loss per share under the two-class method for the periods ended December 31, 2022 and December 31, 2021.
LOSS PER SHARE
For the Years Ended December 31,
2022 2021
(As Restated)
Numerator for basic and diluted losses per Common Stock and Class B Common Stock
Net Loss $ (9,519,669) $ (2,535,558)
Less: Net Income attributable to non-controlling interest 3,236,848  2,866,467 
Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (12,756,517) $ (5,402,025)
Less dividends and distributions:
Preferred dividend requirements 9,552,519  9,395,604 
Common Stock dividends 3,004,579  2,850,026 
Total undistributed losses $ (25,313,615) $ (17,647,655)
Common Stock undistributed losses - basic $ (24,213,549) $ (17,241,830)
Class B Common Stock undistributed losses - basic (1,100,066) (405,825)
Total undistributed losses - basic $ (25,313,615) $ (17,647,655)
Common Stock undistributed losses - diluted $ (25,313,615) $ (17,241,830)
Class B Common Stock undistributed losses - diluted (1,100,066) (405,825)
Total undistributed losses - diluted $ (26,413,681) $ (17,647,655)
Common Stock dividends $ 3,004,579  $ 2,850,026 
Common Stock undistributed losses - basic (24,213,549) (17,241,830)
Numerator for basic net loss per Common Stock share: $ (21,208,970) $ (14,391,804)
Class B Common Stock dividends $ —  $ — 
Class B Common Stock undistributed losses - basic (1,100,066) (405,825)
Numerator for basic net loss per Class B Common Stock share: $ (1,100,066) $ (405,825)
Common Stock dividends $ 3,004,579  $ 2,850,026 
Common Stock undistributed losses - diluted (25,313,615) (17,241,830)
Numerator for diluted net loss per Common Stock share: $ (22,309,036) $ (14,391,804)
Class B Common Stock dividends $ —  $ — 
Class B Common Stock undistributed losses - diluted (1,100,066) (405,825)
Numerator for diluted net loss per Class B Common Stock share: $ (1,100,066) $ (405,825)
Denominator for basic net loss per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic 15,050,266  14,246,526 
Class B Common Stock weighted average shares outstanding - basic 683,761  335,324 
Denominator for diluted net loss per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted(1)(2)
15,515,223  14,246,526 
Class B Common Stock weighted average shares outstanding - diluted(3)
683,761  335,324 
Basic net loss per share:
Common Stock $ (1.41) $ (1.01)
Class B Common Stock $ (1.61) $ (1.21)
Diluted net loss per share:
Common Stock $ (1.44) $ (1.01)
Class B Common Stock $ (1.61) $ (1.21)
NOTES TO TABLE
(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 Class B Common Stock share to .68 Common Stock share; therefore, 100% of undistributed losses is allocated to Common Stock
(2) For the period ended December 31, 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 Debt. For the period ended December 31, 2021, 2,825,957 shares of Common Stock are excluded from the computation of diluted net loss per share because their effect would be antidilutive. This is comprised of 464,957 shares of converted Class B Common Stock and 2,361,000 shares of converted 5.875% convertible debt.
(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.
Loss Per Share For the Year Ended December 31, 2020
Basic loss per share data is computed based on the weighted-average number of shares of common stock outstanding during the periods. Diluted loss per share data is computed based on the weighted-average number of shares of common stock outstanding, including all potentially issuable shares of common stock. Diluted loss per share for the year ended December 31, 2020 excludes
the impact to income and the number of shares outstanding from the conversion of the 7.00% Convertible Notes and the 5.875% Convertible Notes, as applicable, because such impact is antidilutive. The remaining 7.00% Convertible Notes matured on June 15, 2020.
Under the if converted method, the 5.875% Convertible Notes would result in an additional 2,361,000 common shares outstanding for the year ended December 31, 2020.
LOSS PER SHARE
For the Year Ended December 31, 2020
Net Loss attributable to CorEnergy Stockholders $ (306,067,579)
Less: preferred dividend requirements(1)
9,189,809 
Net Loss attributable to Common Stockholders $ (315,257,388)
Weighted average shares - basic 13,650,718 
Basic loss per share $ (23.09)
Net Loss attributable to Common Stockholders (from above) $ (315,257,388)
Add: After tax effect of convertible interest — 
Loss attributable for dilutive securities $ (315,257,388)
Weighted average shares - diluted 13,650,718 
Diluted loss per share $ (23.09)
(1) In connection with the repurchases of Series A Preferred Stock during the year ended December 31, 2020, preferred dividend requirements were reduced by $52,896, representing the discount in the repurchase price paid compared to the carrying amount derecognized.