Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

v3.23.1
EARNINGS (LOSS) PER SHARE
 3 Months Ended
Mar. 31, 2023
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 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 income (loss) and diluted net income (loss) per share under the two-class method for the three months ended March 31, 2023 and 2022.
For the Three Months Ended
March 31, 2023 March 31, 2022
Numerator for basic and diluted earnings (loss) per Common Stock and Class B Common Stock share:
Net Income (loss) $ (3,200,333) $ 4,364,757 
Less: Net income attributable to non-controlling interests 809,212  809,212 
Net income (loss) attributable to CorEnergy Infrastructure Trust, Inc. $ (4,009,545) $ 3,555,545 
Less dividends / distributions:
Preferred dividend requirements $ 2,388,130  $ 2,388,130 
Common Stock dividends —  744,659 
Total undistributed earnings (loss) $ (6,397,675) $ 422,756 
Common Stock undistributed earnings (loss) - basic $ (6,123,517) $ 404,227 
Class B Common Stock undistributed earnings (loss) - basic (274,158) 18,529 
Total undistributed earnings (loss) - basic $ (6,397,675) $ 422,756 
Common Stock undistributed earnings (loss) - diluted $ (6,397,675) $ 422,756 
Class B Common Stock undistributed earnings (loss) - diluted (274,158) 18,529 
Total undistributed earnings (loss) - diluted $ (6,671,833) $ 441,285 
Common Stock dividends $ —  $ 744,659 
Common Stock undistributed earnings (loss) - basic (6,123,517) 404,227 
Numerator for basic net earnings (loss) per Common Stock share $ (6,123,517) $ 1,148,886 
Class B Common Stock dividends $ —  $ — 
Class B Common Stock undistributed earnings (loss) - basic (274,158) 18,529 
Numerator for basic net earnings (loss) per Class B Common Stock share $ (274,158) $ 18,529 
Common Stock dividends $ —  $ 744,659 
Common Stock undistributed earnings (loss) - diluted (6,397,675) 422,756 
Numerator for diluted net earnings (loss) per Common Stock share $ (6,397,675) $ 1,167,415 
Class B Common Stock dividends $ —  $ — 
Class B Common Stock undistributed earnings (loss) - diluted (274,158) 18,529 
Numerator for diluted net earnings (loss) per Class B Common Stock share $ (274,158) $ 18,529 
Denominator for basic net earnings (loss) per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic 15,272,267  14,917,165 
Class B Common Stock weighted average shares outstanding - basic 683,761  683,761 
Denominator for diluted net earnings (loss) per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted(1)(2)
15,737,224  15,382,122 
Class B Common Stock weighted average shares outstanding - diluted(3)
683,761  683,761 
Basic net earnings (loss) per share:
Common Stock $ (0.40) $ 0.08 
Class B Common Stock (0.40) 0.03 
Diluted net earnings (loss) per share:
Common Stock $ (0.41) $ 0.08 
Class B Common Stock (0.40) 0.03 
(1) For purposes of the diluted net earnings 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 earnings is allocated to Common Stock.
(2) For the three months ended March 31, 2023 and 2022, 2,361,000 shares of Common Stock are excluded from the computation of diluted net earnings 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 earnings per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed not converted to Common Stock.