| EARNINGS PER SHARE |
The following tables compute basic and diluted earnings
per share (in thousands, except per share data):
| |
|
Three Months Ended June 30, 2022 |
|
| |
|
Income
Numerator |
|
|
Shares
Denominator |
|
|
Per-Share
Amount |
|
| Net income attributed to Alto Ingredients, Inc. |
|
$ |
22,115 |
|
|
|
|
|
|
|
|
|
| Less: Preferred stock dividends |
|
|
(315 |
) |
|
|
|
|
|
|
|
|
| Less: Income allocated to participating securities |
|
|
(284 |
) |
|
|
|
|
|
|
|
|
| Basic income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Income available to common stockholders |
|
$ |
21,516 |
|
|
|
72,936 |
|
|
$ |
0.29 |
|
| Add: Dilutive instruments |
|
|
— |
|
|
|
187 |
|
|
|
|
|
| Diluted income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Income available to common stockholders |
|
$ |
21,516 |
|
|
|
73,123 |
|
|
$ |
0.29 |
|
| |
|
Three Months Ended June 30, 2021 |
|
| |
|
Income Numerator |
|
|
Shares Denominator |
|
|
Per-Share Amount |
|
| Net income attributed to Alto Ingredients, Inc. |
|
$ |
8,390 |
|
|
|
|
|
|
|
|
|
| Less: Preferred stock dividends |
|
|
(315 |
) |
|
|
|
|
|
|
|
|
| Less: Income allocated to participating securities |
|
|
(108 |
) |
|
|
|
|
|
|
|
|
| Basic income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Income available to common stockholders |
|
$ |
7,967 |
|
|
|
71,260 |
|
|
$ |
0.11 |
|
| Add: Dilutive instruments |
|
|
— |
|
|
|
669 |
|
|
|
|
|
| Diluted income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Income available to common stockholders |
|
$ |
7,967 |
|
|
|
71,929 |
|
|
$ |
0.11 |
|
| |
|
Six Months Ended June 30, 2022 |
|
| |
|
Income Numerator |
|
|
Shares Denominator |
|
|
Per-Share Amount |
|
| Net income attributed to Alto Ingredients, Inc. |
|
$ |
19,513 |
|
|
|
|
|
|
|
|
|
| Less: Preferred stock dividends |
|
|
(627 |
) |
|
|
|
|
|
|
|
|
| Less: Income allocated to participating securities |
|
|
(251 |
) |
|
|
|
|
|
|
|
|
| Basic income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Income available to common stockholders |
|
$ |
18,635 |
|
|
|
71,690 |
|
|
$ |
0.26 |
|
| Add: Dilutive instruments |
|
|
— |
|
|
|
268 |
|
|
|
|
|
| Diluted income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Income available to common stockholders |
|
$ |
18,635 |
|
|
|
71,958 |
|
|
$ |
0.26 |
|
| |
|
Six Months Ended June 30, 2021 |
|
| |
|
Income Numerator |
|
|
Shares Denominator |
|
|
Per-Share Amount |
|
| Net income attributed to Alto Ingredients, Inc. |
|
$ |
13,068 |
|
|
|
|
|
|
|
|
|
| Less: Preferred stock dividends |
|
|
(627 |
) |
|
|
|
|
|
|
|
|
| Less: Income allocated to participating securities |
|
|
(167 |
) |
|
|
|
|
|
|
|
|
| Basic income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Income available to common stockholders |
|
$ |
12,274 |
|
|
|
70,808 |
|
|
$ |
0.17 |
|
| Add: Dilutive instruments |
|
|
— |
|
|
|
1,153 |
|
|
|
|
|
| Diluted income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Income available to common stockholders |
|
$ |
12,274 |
|
|
|
71,961 |
|
|
$ |
0.17 |
|
There were an additional aggregate potentially
dilutive weighted-average shares of 964,000 from convertible securities outstanding for the three and six months ended June 30, 2022
and 2021. These securities were not considered in calculating diluted net income (loss) per share for the three and six months ended
June 30, 2022 and 2021, as their effect would have been anti-dilutive. At December 31, 2021, the Company had outstanding unexercised
warrants to purchase 8.9 million shares of its common stock at an exercise price of $9.76 per share. These warrants expired unexercised
on April 28, 2022.
|