Note 9 - Basic and Diluted Earnings Per Common Share

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020:

	For the Three Months Ended				For the Nine Months Ended
	Septermber 30,				Septermber 30,
	2021		2020		2021		2020
Net income (numerator)	$	766,000	$	8,107,000	$	6,156,000	$	19,668,000
Shares (denominator):
Basic weighted average common shares outstanding		13,177,520		13,588,554		13,255,125		13,431,210
Add: dilutive effect of common stock options		241,965		444,473		300,800		546,354
Diluted weighted average common shares outstanding		13,419,485		14,033,027		13,555,925		13,977,564
Earnings per common share:
Basic	$	0.06	$	0.60	$	0.46	$	1.46
Diluted	$	0.06	$	0.58	$	0.45	$	1.41