Net Earnings (Loss) Per Share

9 Months Ended

Dec. 31, 2023

Basic earnings (loss) per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings (loss) per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.

During the three months ended September 30, 2023, 3,750 options were exercised under the Air T's 2012 Stock Option Plan at $7.04 per share, which was disclosed within our condensed consolidated statement of equity. As of September 30, 2023, all stock options under the Air T's 2012 Stock Option Plan have either been exercised or expired. Further, no options under the Air T's 2020 Omnibus Stock and Incentive Plan were exercisable as of December 31, 2023.

The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Net (loss) income	$	(2,109)	$	108	$	(3,744)	$	(2,029)
Net income attributable to non-controlling interests	(870)		(698)		(1375)		(1,226)
Net loss attributable to Air T, Inc. Stockholders	$	(2,979)	$	(590)	$	(5,119)	$	(3,255)
Loss per share:
Basic	$	(1.06)	$	(0.21)	$	(1.82)	$	(1.14)
Diluted	$	(1.06)	$	(0.21)	$	(1.82)	$	(1.14)
Antidilutive shares excluded from computation of loss per share	—		5		—		5

Weighted Average Shares Outstanding:
Basic	2,822		2,836		2,820		2,855
Diluted	2,822		2,836		2,820		2,855