Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE

10. EARNINGS PER SHARE

Basic earnings per share are calculated by dividing net income by the weighted average number of shares outstanding during the reporting period.  Diluted earnings per share reflect additional dilution from potential common stock issuances upon the exercise of outstanding stock options.  The following table sets forth the computation of basic and diluted earnings per common share, as well as a reconciliation of the weighted average number of common shares outstanding to the weighted average number of shares outstanding on a diluted basis.

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Earnings per common share – Basic
Net income	$	1,009,568	$	1,121,351	$	1,724,738	$	1,644,731
Weighted average number of common shares outstanding		9,367,350		9,256,206		9,365,370		9,255,398
Earnings per common share – Basic	$	0.11	$	0.12	$	0.18	$	0.18
Earnings per common share – Diluted
Net income	$	1,009,568	$	1,121,351	$	1,724,738	$	1,644,731
Weighted average number of common shares outstanding		9,367,350		9,256,206		9,365,370		9,255,398
Dilutive effect of outstanding stock options		7,157		40,483		9,069		41,638
Weighted average number of common shares outstanding - Diluted		9,374,507		9,296,689		9,374,439		9,297,036
Earnings per common share – Diluted	$	0.11	$	0.12	$	0.18	$	0.18

The Company had no stock options outstanding during each of the three and six month periods ended June 30, 2019 and 2018, respectively, that were antidilutive and therefore not included in the diluted earnings per common share calculation.