NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2022

NET INCOME PER SHARE [Abstract]

NET INCOME PER SHARE

NOTE 9 - NET INCOME PER SHARE

Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding and the dilutive effect of outstanding stock options:

	2022			2021
Net income	$	1,360,238		$	3,363,704
Weighted average common shares outstanding – basic		10,722,401			10,722,401
Potential shares exercisable under stock option plans		237,000			278,100
Less: Shares which could be repurchased under treasury stock method		(198,511	)		(241,642	)
Weighted average common shares outstanding – diluted		10,760,890			10,758,859
Net income per share:
Basic	$	0.13		$	0.31
Diluted	$	0.13		$	0.31

For fiscal 2021, the computation of diluted net income per share excludes the effects of 290,550 options, since their inclusion would be anti-dilutive as their exercise prices were above the average market value.

For fiscal 2022, the computation of diluted net income per share excludes the effects of 390,600 options, since their inclusion would be anti-dilutive as their exercise prices were above the average market value.