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Earnings Per Share
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share

12. Earnings Per Share

The calculation of earnings per share follows:

 

 

 

 

2019

 

 

2018

 

Numerator:

 

 

 

 

 

 

 

 

Net income

 

$

5,513,608

 

 

$

4,598,350

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per share:

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

3,351,731

 

 

 

3,370,744

 

Effect of dilutive employee stock options

 

 

100,892

 

 

 

171,166

 

Denominator for dilutive earnings per share

 

 

3,452,623

 

 

 

3,541,910

 

Basic earnings per share

 

$

1.65

 

 

$

1.36

 

Dilutive earnings per share

 

$

1.60

 

 

$

1.30

 

 

For 2019 and 2018, respectively, 705,725 and 692,600 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.