Note 12 - Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

12. Earnings (loss) per Share

Basic earnings (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to SHG by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted net income (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to SHG, adjusted for the assumed exchange of all potentially dilutive securities, by the weighted-average number of shares of Class A Common Stock outstanding adjusted to give effect to potentially dilutive shares using the treasury stock or if-converted method as appropriate. Shares of the Company’s Class B Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B Common Stock under the two-class method has not been presented. 

	Three Months Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Numerator:
Net income (loss)	$	(1,634	)	$	10,263		$	(10,394	)	$	(9,251	)
Less: Net (loss) attributable to non-controlling interests		(2,412	)		(2,402	)		(4,978	)		(6,153	)
Basic net income (loss) attributable to Sky Harbour Group Corporation shareholders		778			12,665			(5,416	)		(3,098	)
Less: Net (loss) attributable to non-controlling interests		(2,412	)		(2,402	)		-			-
Diluted net (loss) attributable to Sky Harbour Group Corporation shareholders	$	(1,634	)	$	(10,263	)	$	(5,416	)	$	(3,098	)
Denominator:
Basic weighted average shares of Class A Common Stock outstanding		15,167			14,938			15,076			12,957
Effect of dilutive exchange of Class B Common Stock		42,046			42,192			-			-
Effect of dilutive exchange of Sky Incentive Units		-			2,808			-			-
Effect of dilutive restricted stock		-			9			-			-
Diluted weighted average shares outstanding		57,213			59,947			15,076			12,957
Earnings (loss) per share of Class A Common Stock – Basic	$	0.05		$	0.85		$	(0.36	)	$	(0.24	)
Earnings (loss) per share of Class A Common Stock – Diluted	$	(0.03	)	$	0.17		$	(0.36	)	$	(0.24	)

Potentially dilutive shares excluded from the weighted-average shares used to calculate the diluted net loss per common share due the Company's net earnings (loss) position were as follows:

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Shares subject to unvested restricted stock units		1,004,938		651,514		1,004,938		661,000
Shares issuable upon the exercise of Warrants		14,518,743		14,519,218		14,518,743		14,519,218
Shares issuable upon the exchange of Class B Common Stock		-		-		42,046,356		42,192,250
Shares issuable upon the exercise and exchange of Sky Incentive Units		2,807,750		-		2,807,750		2,807,750