Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 599

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 7A
Chunk 599
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 occur if the Company’s granted but unvested restricted stock units were to vest, resulting in the issuance of common stock that would then share in the earnings of the Company.

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The following table presents the Company’s basic and diluted EPS for the years ended September 30, 2025, 2024 and 2023, dollars in thousands, except per share data:

			Year ended September 30,

			2025

			2024

			2023

			Net income

			$
			46,444

			33,935

			23,243

			Weighted average number of shares of common stock outstanding

			22,936,194

			22,774,825

			22,725,088

			Effect of dilutive securities

			319,080

			309,078

			109,228

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

			23,255,274

			23,083,903

			22,834,316

			Basic earnings per share

			$
			2.02

			1.49

			1.02

			Diluted earnings per share

			$
			2.00

			1.47

			1.02

There were 32,096, 27,944 and 62,752 non-vested restricted stock units for the years ended September 30, 2025, 2024 and 2023, respectively, excluded from the calculation of diluted EPS as they are antidilutive.

5. Fair Value Measurements

The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value. The framework establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and market participant’s assumptions (unobservable inputs). Non-financial assets, such as goodwill, indefinite-lived intangibles and long-lived assets, are accounted for at fair value on a non-recurring basis. These items are tested for impairment on the occurrence of a triggering event or, in the case of goodwill and indefinite-lived intangibles, at least on an annual basis.

During fiscal year 2025, long-lived assets with an aggregate carrying value of $0.1 million were written down to their fair value of less than $0.1 million, resulting in asset