Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

v3.23.2
EARNINGS (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2023 and 2022.
For the Three Months Ended For the Six Months Ended
June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
Numerator for basic and diluted earnings (loss) per Common Stock and Class B Common Stock share:
Net Income (loss) $ (3,167,350) $ 2,170,126  $ (6,367,683) $ 6,534,883 
Less: Net income attributable to non-controlling interests 809,212  809,212  1,618,424  1,618,424 
Net income (loss) attributable to CorEnergy Infrastructure Trust, Inc. $ (3,976,562) $ 1,360,914  $ (7,986,107) $ 4,916,459 
Less dividends / distributions:
Preferred dividend requirements $ 2,388,130  $ 2,388,130  4,776,260  4,776,260 
Common Stock dividends —  748,031  —  1,492,690 
Total undistributed loss $ (6,364,692) $ (1,775,247) $ (12,762,367) $ (1,352,491)
Common Stock undistributed loss - basic $ (6,093,284) $ (1,697,802) $ (12,216,815) $ (1,293,352)
Class B Common Stock undistributed loss - basic (271,408) (77,445) (545,552) (59,139)
Total undistributed loss - basic $ (6,364,692) $ (1,775,247) $ (12,762,367) $ (1,352,491)
Common Stock undistributed loss - diluted $ (6,364,692) $ (1,775,247) $ (12,762,367) $ (1,352,491)
Class B Common Stock undistributed loss - diluted (271,408) (77,445) (545,552) (59,139)
Total undistributed loss - diluted $ (6,636,100) $ (1,852,692) $ (13,307,919) $ (1,411,630)
Common Stock dividends $ —  $ 748,031  $ —  $ 1,492,690 
Common Stock undistributed loss - basic (6,093,284) (1,697,802) (12,216,815) (1,293,352)
Numerator for basic net earnings (loss) per Common Stock share $ (6,093,284) $ (949,771) $ (12,216,815) $ 199,338 
Class B Common Stock dividends $ —  $ —  $ —  $ — 
Class B Common Stock undistributed loss - basic (271,408) (77,445) (545,552) (59,139)
Numerator for basic net loss per Class B Common Stock share $ (271,408) $ (77,445) $ (545,552) $ (59,139)
Common Stock dividends $ —  $ 748,031  $ —  $ 1,492,690 
Common Stock undistributed loss - diluted (6,364,692) (1,775,247) (12,762,367) (1,352,491)
Numerator for diluted net earnings (loss) per Common Stock share $ (6,364,692) $ (1,027,216) $ (12,762,367) $ 140,199 
Class B Common Stock dividends $ —  $ —  $ —  $ — 
Class B Common Stock undistributed loss - diluted (271,408) (77,445) (545,552) (59,139)
Numerator for diluted net loss per Class B Common Stock share $ (271,408) $ (77,445) -77445 $ (545,552) $ (59,139)
Denominator for basic net earnings (loss) per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic 15,350,883  14,989,942  15,311,792  14,953,754 
Class B Common Stock weighted average shares outstanding - basic 683,761  683,761  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)
15,815,840  15,454,899  15,776,749  15,460,047 
Class B Common Stock weighted average shares outstanding - diluted(3)
683,761  683,761  683,761  683,761 
Basic net earnings (loss) per share:
Common Stock $ (0.40) $ (0.06) $ (0.80) $ 0.01 
Class B Common Stock (0.40) (0.11) (0.80) (0.09)
Diluted net earnings (loss) per share:
Common Stock $ (0.40) $ (0.07) $ (0.81) $ 0.01 
Class B Common Stock (0.40) (0.11) (0.80) (0.09)
(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 and six months ended June 30, 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.