Earnings Per Share

3 Months Ended

Mar. 31, 2020

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 March 31,
	2020		2019
Earnings per common share –Basic and Diluted
Net income	$	626,881	$	715,170
Weighted average number of common shares outstanding		9,444,834		9,363,368
Earnings per common share – Basic	$	0.07	$	0.08
Earnings per common share – Diluted
Net income	$	626,881	$	715,170
Weighted average number of common shares outstanding		9,444,834		9,363,368
Dilutive effect of outstanding stock options		7,265		10,962
Weighted average number of common shares outstanding – Diluted		9,452,099		9,374,330
Earnings per common share – Diluted	$	0.07	$	0.08

The Company had no stock options outstanding at March 31, 2020 and 2019, respectively that were antidilutive and therefore not included in the diluted earnings per common share calculation.