Note 9 - Basic and Diluted Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

9 . Basic and Diluted Earnings Per Common Share

The following table provides a reconciliation of both net income and the number of shares used in the computation of “basic” earnings per common share (“EPS”), which utilizes the weighted average number of common shares outstanding without regard to dilutive shares, and “diluted” EPS, which includes all such dilutive shares, for the

three

and

six

months ended

June 30, 2020

and

2019:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Net income (numerator)	$	6,220,000	$	1,010,000	$	11,561,000	$	2,228,000
Shares (denominator):
Basic weighted average common shares outstanding		13,351,675		13,184,321		13,351,674		13,287,583
Add: dilutive effect of common stock options		300,320		23,817		461,420		58,563
Diluted weighted average common shares outstanding		13,651,995		13,208,138		13,813,094		13,346,146
Earnings per common share:
Basic	$	0.47	$	0.08	$	0.87	$	0.17
Diluted	$	0.46	$	0.08	$	0.84	$	0.17