Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,				For the Nine Months Ended September 30,
	2020		2019		2020			2019
Net income (loss)	$	337,124	$	249,233	$	(41,444	)	$	573,901
Weighted average common shares outstanding:
Average number of common shares outstanding - basic		9,277,043		7,646,875		9,269,834			7,639,588
Net effect of dilutive unvested restricted stock awards included for treasury stock method		13,941		5,382		—			1,286
Average number of common shares outstanding - diluted		9,290,984		7,652,257		9,269,834			7,640,874
Earnings per common share
Basic	$	0.04	$	0.03	$	(0.00	)	$	0.08
Diluted	$	0.04	$	0.03	$	(0.00	)	$	0.08

For the nine months ended September 30, 2020, 10,210 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 $502,385 ($0.065 per share) for the three months ended September 30, 2020 and 2019, respectively, and $1,822,776 ($0.195 per share) and $1,508,086 ($0.195 per share) for the nine months ended September 30, 2020 and 2019, respectively.