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Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2020
Earnings per Share [Abstract]  
Calculated Basic and Diluted Earnings Per Share



 

 

 

 

 

 



 

Three Months Ended September 30,



 

2020

 

2019

Numerator – net income

 

$

 1,231,000 

 

$

 1,212,000 

Denominator:

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

 5,941,540 

 

 

 5,987,857 

Increase in weighted average shares outstanding due to:

 

 

 

 

 

 

Stock options

 

 

 -

 

 

 -

Diluted weighted average shares outstanding (1)

 

 

 5,941,540 

 

 

 5,987,857 



 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$

 0.21 

 

$

 0.20 

Diluted

 

$

 0.21 

 

$

 0.20 



 

 

 

 

 

 



 

Nine Months Ended September 30,



 

2020

 

2019

Numerator – net income

 

$

 3,315,000 

 

$

 2,915,000 

Denominator:

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

 5,968,348 

 

 

 6,011,070 

Increase in weighted average shares outstanding due to:

 

 

 

 

 

 

Stock options

 

 

 -

 

 

 -

Diluted weighted average shares outstanding (1)

 

 

 5,968,348 

 

 

 6,011,070 



 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$

 0.56 

 

$

 0.48 

Diluted

 

$

 0.56 

 

$

 0.48 



(1)

Stock options to purchase 64,547 shares under the Company’s 2006 Stock Option Plan and 20,000 shares under the EIP at $14.38 for each plan were outstanding during the three and nine month periods ended September 30, 2020 and 2019, respectively, but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive.