Company: AIRTP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000353184-25-000073
Chunk: 69

Company: AIR T INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 69
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 of the first fiscal quarter, its effects are not reflected in the operating results for the three months ended June 30, 2025.

During the three-month period ended June 30, 2024, the Company recorded income tax expense of $71.0 thousand at an ETR of 68.9%. The Company has computed the provision for income taxes based on the estimated annual effective tax rate excluding loss jurisdictions with no tax benefit and the application of discrete items, if any, for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended June 30, 2024 were the valuation allowance related to the Company's U.S. consolidated group, DTI, Landing Gear Support Services PTE LTD ("LGSS"), DSI, and BCCM Advisors (Kenya) Limited (“BCCM Kenya”), and the foreign rate differentials for Air T’s operations located in the Netherlands and Puerto Rico. 

6.    Net Loss Per Share

Basic loss per share has been calculated by dividing net loss attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted 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. As of June 30, 2025, of the 199,000 options outstanding under the Air T's 2020 Omnibus Stock and Incentive Plan, none were exercisable.The computation of basic and diluted loss per common share is as follows (in thousands, except for per share figures):

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Three Months Ended June 30,20252024Net (loss) income$(671)$32 Net income attributable to non-controlling interests(965)(367)Net loss attributable to Air T, Inc. Stockholders$(1,636)$(335)Loss per share:Basic$(0.61)$(0.12)Diluted$(0.61)$(0.12)Antidilutive shares excluded from computation of loss per share— — Weighted Average Shares Outstanding:Basic2,703 2,761 Diluted2,703 2,761 

7.    Intangible Assets and Goodwill

Intangible assets as of June 30, 2025 and March 31, 2025 consisted of the following (in thousands