Income Per Common Share

3 Months Ended

Mar. 31, 2019

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, after giving retroactive effect to a stock dividend payable May 31, 2018. 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 table is a summary of the reconciliation of average shares outstanding for the three months ended March 31:

	2019		2018
Net income	$	1,689,264	$	1,612,230
Weighted average shares outstanding		5,514,413		5,489,087
Effect of dilutive shares		77,939		94,284
Weighted average shares outstanding - diluted		5,592,352		5,583,371
Earnings per share - basic	$	0.31	$	0.29
Earnings per share - diluted	$	0.30	$	0.29