Earnings Per Share

12 Months Ended

Dec. 31, 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 Year Ended December 31,
	2020		2019
Net income	$	274,341	$	590,619
Weighted average common shares outstanding:
Average number of common shares outstanding - basic		9,273,554		7,699,966
Net effect of dilutive unvested restricted stock awards included for treasury stock method		9,133		2,151
Average number of common shares outstanding - diluted		9,282,687		7,702,117
Earnings per common share
Basic	$	0.03	$	0.08
Diluted	$	0.03	$	0.08

Common stock dividends paid in cash totaled $2,427,401 ($0.26 per share) and $2,107,376 ($0.26 per share) for the years ended December 31, 2020 and 2019, respectively.