Concrete Pumping Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 17 - Earnings Per Share

Note 17 - Earnings Per Share

12 Months Ended

Oct. 31, 2023

Note 17. Earnings Per Share

At October 31, 2023, the Company had outstanding (1) 13.0 million warrants to purchase shares of common stock at an exercise price of $11.50, (2) 1.5 million outstanding unvested restricted stock awards, (3) 1.1 million outstanding unexercised incentive stock options, (4) 0.4 million outstanding unexercised non-qualified stock options, and (5) 2.5 million shares of Series A Preferred Stock, all of which could potentially be dilutive. The dilutive effect of the warrants and the preferred stock were excluded from the calculation of the diluted net income per share for the years ended October 31, 2023 and 2022 as its impact would have been anti-dilutive.

The table below shows our basic and diluted EPS calculations for the fiscal year ended October 31, 2023 and 2022:

	Year Ended October 31,
(in thousands, except share and per share amounts)	2023			2022
Net income (numerator):
Net income attributable to Concrete Pumping Holdings, Inc.	$	31,790		$	28,676
Less: Accretion of liquidation preference on preferred stock		(1,750	)		(1,750	)
Less: Undistributed earnings allocated to participating securities		(1,017	)		(1,274	)
Net income attributable to common stockholders (numerator for basic earnings per share)	$	29,023		$	25,652
Add back: Undistributed earning allocated to participating securities		1,017			1,274
Less: Undistributed earnings reallocated to participating securities		(1,000	)		(1,254	)
Numerator for diluted earnings (loss) per share	$	29,040		$	25,672

Weighted average shares (denominator):
Weighted average shares - basic		53,276,450			53,914,311
Weighted average shares - diluted		54,173,731			54,851,308

Basic earnings (loss) per share	$	0.54		$	0.48
Diluted earnings (loss) per share	$	0.54		$	0.47