Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

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 Three Months Ended March 31,
	2020			2019
Net income (loss)	$	(356,424	)	$	187,823
Weighted average common shares outstanding:
Average number of common shares outstanding - basic		9,262,811			7,630,722
Net effect of dilutive unvested restricted stock awards included for treasury stock method		—			7,011
Average number of common shares outstanding - diluted		9,262,811			7,637,733
Earnings per common share
Basic	$	(0.04	)	$	0.02
Diluted	$	(0.04	)	$	0.02

As of March 31, 2020, 8,670 shares of common stock from outstanding restricted stock awards were excluded from the computation of diluted net loss per common share since the effect would be anti-dilutive.

Common stock dividends totaled $606,469 ($0.065 per share) and $503,294 ($0.065 per share) for the three months ended March 31, 2020 and 2019, respectively.