Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Schedule of reconciliation of average shares outstanding

The following table is a summary of the reconciliation of weighted average shares outstanding for the three months ended September 30:

	2019		2018
Net income	$	2,014,791	$	1,778,153
Weighted average shares outstanding		5,526,233		5,506,649
Effect of dilutive shares		68,823		82,900
Weighted average shares outstanding - diluted		5,595,056		5,589,549
Earnings per share - basic	$	0.36	$	0.32
Earnings per share - diluted	$	0.36	$	0.32

The following table is a summary of the reconciliation of weighted average shares outstanding for the nine months ended September 30:

	2019		2018
Net income	$	5,544,902	$	5,116,740
Weighted average shares outstanding		5,519,337		5,496,346
Effect of dilutive shares		69,195		83,643
Weighted average shares outstanding - diluted		5,588,532		5,579,989
Earnings per share - basic	$	1.00	$	0.93
Earnings per share - diluted	$	0.99	$	0.92