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Earnings Per Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share

12. Earnings Per Share

The calculation of earnings per share follows:

 

 

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

Net income

 

$

8,098,766

 

 

$

5,513,608

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per share:

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

3,342,630

 

 

 

3,351,731

 

Effect of diluted employee stock options

 

 

166,867

 

 

 

100,892

 

Denominator for dilutive earnings per share

 

 

3,509,497

 

 

 

3,452,623

 

Basic earnings per share

 

$

2.42

 

 

$

1.65

 

Diluted earnings per share

 

$

2.31

 

 

$

1.60

 

 

For 2020 and 2019, respectively, 309,900 and 705,725 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.