Net Income per Share

3 Months Ended

Mar. 31, 2023

Net Income per Share [Abstract]

Net Income per Share

(7) 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.

	3 Months Ended March 31,
	2023			2022
Weighted average number of common shares outstanding – basic		10,722,401			10,722,401
Potential shares exercisable under stock option plans		306,650			239,100
LESS: Shares which could be repurchased under treasury stock method		(231,950	)		(212,933	)
Weighted average number of common shares outstanding – diluted		10,797,101			10,748,568

For the three months ended March 31,2023, the computation of diluted net income per share excludes the effects of the assumed exercise of 379,900 options since their inclusion would be anti-dilutive as their exercise prices were above market value.

For the three months ended March 31, 2022, the computation of diluted net income per share excludes the effects of the assumed exercise of 400,550 options since their inclusion would be anti-dilutive as their exercise prices were above market value.