EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

11. EARNINGS PER SHARE

The Company's common shares consist of SVS, MVS, and PVS. Subject to certain restrictions set out in the Company's articles, the SVS, MVS, and PVS rank equally and are entitled to equal distributions, except for the MVS which receives 100 times the distribution entitlement.

As all three classes of common shares were determined to individually have the same entitlement to income (loss) per share on a basic and diluted basis, the below summarizes the amounts on an as-converted basis. The as-converted basis assumes the conversion of the PVS on a 1:1 basis into SVS, and the MVS on a 1:100 basis into SVS.

Basic EPS

The basic net income (loss) per share attributable to common shareholders for SVS, MVS, and PVS is determined using the two-class method.

The basic income (loss) per share on an as-converted basis to SVS is as follows:

		For the three months ended
		March 31,
		2023		2022
Net income (loss) attributable to common shareholders	$	6,513,693	$	(9,979,165	)
Weighted average number of common shares outstanding (as-converted)		34,670,678		33,810,211
Income (loss) per share - basic	$	0.19	$	(0.30	)

Diluted EPS

Diluted net income (loss) per share attributable to SVS shareholders is computed using the more dilutive of the if-converted or treasury stock method, whereas diluted net income (loss) per share attributable to MVS and PVS shareholders is computed using the two-class method.

The diluted income (loss) per share on an as-converted basis to SVS is as follows:

		For the three months ended
		March 31,
		2023		2022
Net income (loss) attributable to common shareholders	$	6,513,693	$	(9,979,165	)
Plus: Effect of dilutive items		3,726,852		-
	$	10,240,545	$	(9,979,165	)
Weighted average number of common shares outstanding (as-converted)		34,670,678		33,810,211
Plus: Effect for conversion of Origination Class B into SVS		19,869,400		-
Plus: Effect for dilutive share-based compensation awards		202,741		-
		54,742,819		33,810,211
Income (loss) per share - diluted	$	0.19	$	(0.30	)

As for the three months ended March 31, 2022 the Company reported a net loss, the potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share for this period.