Company: NGVC
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001437749-25-003026
Chunk: 12

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units (RSUs) were to vest, resulting in the issuance of common stock that would then share in the earnings of the Company.

The following table presents the Company’s basic and diluted EPS for the three months ended December 31, 2024 and 2023, dollars in thousands, except per share data:

			Three months ended

			December 31,

			2024

			2023

			Net income

			$
			9,938

			7,755

			Weighted average number of shares of common stock outstanding

			22,903,569

			22,751,524

			Effect of dilutive securities

			264,495

			228,220

			Weighted average number of shares of common stock outstanding including effect of dilutive securities

			23,168,064

			22,979,744

			Basic earnings per share

			$
			0.43

			0.34

			Diluted earnings per share

			$
			0.43

			0.34

There were 186,672 and 34,220 non-vested RSUs for the three months ended December 31, 2024 and 2023, respectively, excluded from the calculation of diluted EPS as they were antidilutive.

9

5. Debt 

Credit Facility 

The Company is party to a credit facility originally entered into on January 28, 2016, as subsequently amended, consisting of a revolving loan facility and, prior to its repayment in September 2024, a $35.0 million term loan (the Term Loan, and, collectively, the Credit Facility). As of September 30, 2024, the Company had fully repaid all remaining amounts outstanding under the Term Loan. The operating company is the borrower under the Credit Facility and its obligations under the Credit Facility are guaranteed by the holding company and VC2. The Credit Facility is secured by a lien on substantially all of the Company’s assets. At December 31, 2024, the aggregate revolving commitment amount available under the Credit Facility was $72.5 million, including a $5.0 million sublimit for