Income Per Common Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Income Per Common Share

Note 5: Income Per Common Share

Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares and potential common shares outstanding. Potential common shares consist of dilutive stock options determined using the treasury stock method and the average market price of common stock.

The following tables are a summary of the reconciliation of average shares outstanding:

	Three Months Ended September 30,
	2017		2016
Net income	$	1,440,653	$	1,426,338
Weighted average shares outstanding - basic		4,978,515		4,931,185
Effect of dilutive shares		89,046		123,538
Weighted average shares outstanding - diluted		5,067,561		5,054,723
Earnings per share - basic	$	0.29	$	0.29
Earnings per share - diluted	$	0.28	$	0.28

	Nine Months Ended September 30,
	2017		2016
Net income	$	4,053,126	$	3,934,183
Weighted average shares outstanding - basic		4,969,617		4,929,977
Effect of dilutive shares		89,341		128,860
Weighted average shares outstanding - diluted		5,058,958		5,058,837
Earnings per share - basic	$	0.82	$	0.80
Earnings per share - diluted	$	0.80	$	0.78