Note 8 - Basic and Diluted Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income (numerator)	$	1,146,000	$	693,000	$	1,698,000	$	2,215,000
Shares (denominator):
Basic weighted average common shares outstanding		11,997,443		12,834,332		12,072,571		12,945,981
Add: dilutive effect of common stock options		16,402		73,891		30,848		86,332
Diluted weighted average common shares outstanding		12,013,845		12,908,223		12,103,419		13,032,313
Earnings per common share:
Basic	$	0.10	$	0.05	$	0.14	$	0.17
Diluted	$	0.10	$	0.05	$	0.14	$	0.17