Earnings Per Share

12 Months Ended

Dec. 31, 2022

9. EARNINGS PER SHARE

Basic earnings per share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributed to potentially diluted securities. The following table sets forth the computation of basic and diluted earnings per share:


	For the Year Ended December 31,
	2022			2021
Net income	$	2,057,723		$	3,281,251
Earnings and dividends allocated to participating securities		(23,567	)		(22,063	)
Net income attributable to common stockholders	$	2,034,156		$	3,259,188
Weighted average common shares outstanding:
Average number of common shares outstanding - basic		10,845,884			9,973,113
Net effect of dilutive unvested restricted stock awards included for treasury stock method		54,157			30,948
Average number of common shares outstanding - diluted		10,900,041			10,004,061
Earnings per common share
Basic	$	0.19		$	0.33
Diluted	$	0.19		$	0.33

Common stock dividends totaled $3,019,063. ($0.275 per share) and $2,611,651 ($0.26 per share) for the years ended December 31, 2022 and 2021, respectively.