Note 9 - Basic and Diluted Earnings Per Common Share

6 Months Ended

Jun. 30, 2021

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, 2021 and 2020:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net income (numerator)	$	1,671,000	$	6,220,000	$	5,390,000	$	11,561,000
Shares (denominator):
Basic weighted average common shares outstanding		13,246,676		13,351,675		13,294,571		13,351,674
Add: dilutive effect of common stock options		264,821		300,320		326,530		461,420
Diluted weighted average common shares outstanding		13,511,497		13,651,995		13,621,101		13,813,094
Earnings per common share:
Basic	$	0.13	$	0.47	$	0.41	$	0.87
Diluted	$	0.12	$	0.46	$	0.40	$	0.84