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Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

12. Earnings Per Share

The calculation of earnings per share follows:

 

 

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

Net income

 

$

13,655,679

 

 

$

8,098,766

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per share:

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

3,471,374

 

 

 

3,342,630

 

Effect of diluted employee stock options

 

 

483,861

 

 

 

166,867

 

Denominator for dilutive earnings per share

 

 

3,955,235

 

 

 

3,509,497

 

Basic earnings per share

 

$

3.93

 

 

$

2.42

 

Diluted earnings per share

 

$

3.45

 

 

$

2.31

 

 

For 2021 and 2020, respectively, 229,250 and 309,900 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.