Earnings Per Share

6 Months Ended

Jun. 30, 2020

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 June 30,					For the Six Months Ended June 30,
	2020			2019		2020			2019
Net income (loss)	$	(22,144	)	$	136,845	$	(378,568	)	$	324,668
Weighted average common shares outstanding:
Average number of common shares outstanding - basic		9,269,567			7,640,991		9,266,189			7,635,885
Net effect of dilutive unvested restricted stock awards included for treasury stock method		—			9,305		—			7,095
Average number of common shares outstanding - diluted		9,269,567			7,650,296		9,266,189			7,642,980
Earnings per common share
Basic	$	(0.00	)	$	0.02	$	(0.04	)	$	0.04
Diluted	$	(0.00	)	$	0.02	$	(0.04	)	$	0.04

For the three and six months ended June 30, 2020, 16,863 and 16,906 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 $608,153 ($0.065 per share) and $502,407 ($0.065 per share) for the three months ended June 30, 2020 and 2019, respectively, and $1,214,623 ($0.13 per share) and $1,005,701 ($0.13 per share) for the six months ended June 30, 2020 and 2019, respectively.