Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of options outstanding under the Company’s stock option plan is reflected in diluted EPS by application of the treasury stock method. There were no stock options outstanding at September 30, 2022 or 2021; and therefore, no dilutive options were included in the calculation of diluted EPS for those periods. The following tables include a summary of the Company's basic EPS for the three and nine months ended September 30, 2022 and 2021.


	Three Months Ended September 30,
	2022					2021
	Income		Shares	EPS		Income		Shares	EPS
Basic EPS	$	3,225,803	3,252,884	$	0.99	$	4,642,470	3,252,884	$	1.43

	Nine Months Ended September 30,
	2022					2021
	Income		Shares	EPS		Income		Shares	EPS
Basic EPS	$	6,938,637	3,252,884	$	2.13	$	10,745,404	3,252,884	$	3.30