INCOME PER COMMON SHARE

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

INCOME PER COMMON SHARE

17. Income Per Common Share

Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted income 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. Earnings per share and average shares outstanding have been adjusted for all periods presented to retroactively reflect the ten percent stock dividend declared on April 10, 2018.

The following table is a summary of the reconciliation of average shares outstanding for the years ended December 31.

	2018		2017		2017
Numerator:
Net income	$	6,922,934	$	4,901,825	$	5,247,063
Denominator:
Weighted average shares outstanding		5,500,027		5,471,001		5,428,884
Effect of dilutive shares		88,985		97,492		132,855
Weighted average shares outstanding - diluted		5,589,012		5,568,493		5,561,739
Earnings per share - basic	$	1.26	$	0.90	$	0.97
Earnings per share - diluted	$	1.24	$	0.88	$	0.94