Note 8 - Basic and Diluted Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

8. 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 months ended March 31, 2022 and 2021:

	For the Three Months Ended
	March 31,
	2022		2021
Net income (numerator)	$	1,522,000	$	3,719,000
Shares (denominator):
Basic weighted average common shares outstanding		13,058,871		13,342,398
Add: dilutive effect of common stock options		100,619		375,006
Diluted weighted average common shares outstanding		13,159,490		13,717,404
Earnings per common share:
Basic	$	0.12	$	0.28
Diluted	$	0.12	$	0.27