Computation of Earnings Per Share

9 Months Ended

Sep. 30, 2017

Computation of Earnings Per Share [Abstract]

Computation of Earnings Per Share

7.Computation of Earnings Per Share

Basic and diluted earnings per share are calculated as follows:

	For the Nine Months Ended September 30,				For the Three Months Ended September 30,
	2017		2016		2017		2016
Net income	$	1,381,700	$	1,262,000	$	384,500	$	529,700
Weighted average shares outstanding for the period		1,460,655		1,566,699		1,416,699		1,566,699
Basic earnings per share	$	0.95	$	0.81	$	0.27	$	0.34
Diluted earnings per share	$	0.95	$	0.81	$	0.27	$	0.34

Basic earnings per common share is computed using net income and the weighted average number of common shares outstanding during the period.  Diluted earnings per common share are computed using net income and the weighted average number of common shares outstanding, assuming dilution.  Weighted average common shares outstanding, assuming dilution, include potentially dilutive common shares outstanding during the period, of which the Company had none during the three months and nine months ended September 30, 2017 and 2016.