Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Earnings per common share – Basic
Net income	$	4,656,830	$	1,124,655	$	8,736,032	$	2,849,393
Weighted average number of common shares outstanding		9,462,105		9,390,662		9,454,639		9,373,893
Earnings per common share – Basic	$	0.49	$	0.12	$	0.92	$	0.30
Earnings per common share – Diluted
Net income	$	4,656,830	$	1,124,655	$	8,736,032	$	2,849,393
Weighted average number of common shares outstanding		9,462,105		9,390,662		9,454,639		9,373,893
Dilutive effect of outstanding stock options		-		7,970		4,708		8,700
Weighted average number of common shares outstanding - Diluted		9,462,105		9,398,632		9,459,347		9,382,593
Earnings per common share – Diluted	$	0.49	$	0.12	$	0.92	$	0.30

The Company had no stock options outstanding during any of the three and nine month periods ended September 30, 2020 and 2019 that were antidilutive and therefore not included in the diluted earnings per common share calculation.