Note 9 - Basic and Diluted Earnings Per Common Share

9 Months Ended

Sep. 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

nine

months ended

September 30, 2020

and

2019:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income (numerator)	$	8,107,000	$	437,000	$	19,668,000	$	2,665,000
Shares (denominator):
Basic weighted average common shares outstanding		13,588,554		13,056,173		13,431,210		13,209,598
Add: dilutive effect of common stock options		444,473		19,519		546,354		28,428
Diluted weighted average common shares outstanding		14,033,027		13,075,692		13,977,564		13,238,026
Earnings per common share:
Basic	$	0.60	$	0.03	$	1.46	$	0.20
Diluted	$	0.58	$	0.03	$	1.41	$	0.20