Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 13 – 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 issuable 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.

	Years Ended December 31,
	2021		2020
Earnings per common share –Basic
Net income	$	8,403,968	$	9,616,683
Weighted average number of common shares outstanding		9,487,016		9,460,659
Earnings per common share – Basic	$	0.89	$	1.02
Earnings per common share – Diluted
Net income	$	8,403,968	$	9,616,683
Weighted average number of common shares outstanding		9,487,016		9,460,659
Dilutive effect of employee stock-based awards		-		3,687
Weighted average number of common shares outstanding – Diluted		9,487,016		9,464,346
Earnings per common share – Diluted	$	0.89	$	1.02

The Company had no stock options outstanding at December 31, 2021 and 2020, respectively that were anti-dilutive and therefore not included in the diluted earnings per common share calculation.