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Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings per Share [Abstract]  
Calculated Basic and Diluted Earnings Per Share

The calculated basic and diluted earnings per share are as follows:

 

 

 

Three Months Ended September 30,

 

 

 

2023

 

 

2022

 

Numerator – net income

 

$

 

1,571,000

 

 

$

 

1,771,000

 

Denominator:

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

 

5,846,333

 

 

 

 

5,889,615

 

Increase in weighted average shares outstanding due to:

 

 

 

 

 

 

 

 

Stock options(1)

 

 

 

—

 

 

 

 

—

 

Diluted weighted average shares outstanding(1)

 

 

 

5,846,333

 

 

 

 

5,889,615

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

 

0.27

 

 

$

 

0.30

 

Diluted

 

$

 

0.27

 

 

$

 

0.30

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

Numerator – net income

 

$

 

4,071,000

 

 

$

 

4,516,000

 

Denominator:

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

 

5,858,054

 

 

 

 

5,875,155

 

Increase in weighted average shares outstanding due to:

 

 

 

 

 

 

 

 

Stock options(1)

 

 

 

—

 

 

 

 

483

 

Diluted weighted average shares outstanding(1)

 

 

 

5,858,054

 

 

 

 

5,875,638

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

 

0.69

 

 

$

 

0.77

 

Diluted

 

$

 

0.69

 

 

$

 

0.77

 

 

 

(1)
Stock options to purchase 58,857 shares under the Company’s 2006 Stock Option Plan and 13,101 shares under the EIP at $14.38 were outstanding during the three and nine months ended September 30, 2023 but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive.