Earnings Per Share

12 Months Ended

Dec. 31, 2023

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,
	2023			2022
Net income	$	2,938,769		$	2,057,723
Earnings and dividends allocated to participating securities		(24,425	)		(23,567	)
Net income attributable to common stockholders	$	2,914,344		$	2,034,156
Weighted average common shares outstanding:
Average number of common shares outstanding - basic		11,045,699			10,845,884
Net effect of dilutive unvested restricted stock awards included for treasury stock method		41,518			54,157
Average number of common shares outstanding - diluted		11,087,217			10,900,041
Earnings per common share
Basic	$	0.26		$	0.19
Diluted	$	0.26		$	0.19

Common stock dividends totaled $3,231,608 ($0.29 per share) and $3,019,063 ($0.275 per share) for the years ended December 31, 2023 and 2022, respectively.