Annual report pursuant to Section 13 and 15(d)

EARNINGS (LOSS) PER SHARE

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EARNINGS (LOSS) PER SHARE
 12 Months Ended
Dec. 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 for the years ended December 31, 2023, 2022, and 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.
The following table sets forth the computation of basic net loss and diluted net loss per share under the two-class method for the years ended December 31, 2023, 2022, and 2021.
LOSS PER SHARE
For the Years Ended December 31,
2023 2022 2021
Numerator for basic and diluted losses per Common Stock and Class B Common Stock
Net Loss $ (272,830,090) $ (9,519,669) $ (2,535,558)
Less: Net Income attributable to non-controlling interests 3,236,848  3,236,848  2,866,467 
Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (276,066,938) $ (12,756,517) $ (5,402,025)
Less dividends/distributions:
Preferred dividend 9,552,519  9,552,519  9,395,604 
Common Stock dividends —  3,004,579  2,850,026 
Total undistributed losses $ (285,619,457) $ (25,313,615) $ (17,647,655)
Common Stock undistributed losses - basic $ (273,426,193) $ (24,213,549) $ (17,241,830)
Class B Common Stock undistributed losses - basic (12,193,265) (1,100,066) (405,825)
Total undistributed losses - basic $ (285,619,457) $ (25,313,615) $ (17,647,655)
Common Stock undistributed losses - diluted $ (285,619,457) $ (25,313,615) $ (17,241,830)
Class B Common Stock undistributed losses - diluted (12,193,265) (1,100,066) (405,825)
Total undistributed losses - diluted $ (297,812,722) $ (26,413,681) $ (17,647,655)
Common Stock dividends $ —  $ 3,004,579  $ 2,850,026 
Common Stock undistributed losses - basic (273,426,193) (24,213,549) (17,241,830)
Numerator for basic net loss per Common Stock share: $ (273,426,193) $ (21,208,970) $ (14,391,804)
Class B Common Stock dividends $ —  $ —  $ — 
Class B Common Stock undistributed losses - basic (12,193,265) (1,100,066) (405,825)
Numerator for basic net loss per Class B Common Stock share: $ (12,193,265) $ (1,100,066) $ (405,825)
Common Stock dividends $ —  $ 3,004,579  $ 2,850,026 
Common Stock undistributed losses - diluted (285,619,457) (25,313,615) (17,241,830)
Numerator for diluted net loss per Common Stock share: $ (285,619,457) $ (22,309,036) $ (14,391,804)
Class B Common Stock dividends $ —  $ —  $ — 
Class B Common Stock undistributed losses - diluted (12,193,265) (1,100,066) (405,825)
Numerator for diluted net loss per Class B Common Stock share: $ (12,193,265) $ (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 15,332,905  15,050,266  14,246,526 
Class B Common Stock weighted average shares outstanding - basic 683,761  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)
15,797,862  15,515,223  14,246,526 
Class B Common Stock weighted average shares outstanding - diluted(3)
683,761  683,761  335,324 
Basic net loss per share:
Common Stock $ (17.83) $ (1.41) $ (1.01)
Class B Common Stock $ (17.83) $ (1.61) $ (1.21)
Diluted net loss per share:
Common Stock $ (18.08) $ (1.44) $ (1.01)
Class B Common Stock $ (17.83) $ (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 0.68 Common Stock share; therefore, 100% of undistributed losses is allocated to Common Stock.
(2) For the periods ended December 31, 2023 and 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.