Note 8 - Basic and Diluted Earnings Per Common Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2022 and 2021:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net income (numerator)	$	693,000	$	1,671,000	$	2,215,000	$	5,390,000
Shares (denominator):
Basic weighted average common shares outstanding		12,834,332		13,246,676		12,945,981		13,294,571
Add: dilutive effect of common stock options		73,891		264,821		86,332		326,530
Diluted weighted average common shares outstanding		12,908,223		13,511,497		13,032,313		13,621,101
Earnings per common share:
Basic	$	0.05	$	0.13	$	0.17	$	0.41
Diluted	$	0.05	$	0.12	$	0.17	$	0.40