EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2019

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

6. EARNINGS PER SHARE

Basic earnings per share (“EPS”) are computed based on the weighted average number of common shares outstanding during the period.  Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect, such as stock awards from the Company’s restricted stock plan, had been issued.  Anti-dilutive securities represent potentially dilutive securities which are excluded from the computation of diluted EPS as their impact would be anti-dilutive.  Diluted EPS is computed using the treasury stock method.

The following table sets forth the computation of basic and diluted EPS for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,					Six Months Ended June 30,
	2019 (1)			2018 Restated		2019		2018 Restated
Numerator:
Net income (loss)	$	(875,667	)	$	1,157,743	$	644,144	$	2,674,399
Denominator:
Basic weighted-average common shares ouststanding		8,933,648			9,180,076		8,971,490		9,222,028
Dilutive effect of service-based restricted stock awards granted to Board of Directors under the Plan		-			18		3,510		-
Dilutive effect of service-based restricted stock awards granted to employees under the Plan		-			2,433		-		1,058
Diluted weighted-average common shares outstanding		8,933,648			9,182,527		8,975,000		9,223,086

(1) For the three months ended June 30, 2019, there were 2,290 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in those periods.