Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30:

	2020		2019
Net income	$	1,501,023	$	1,840,847
Weighted average shares outstanding		5,529,632		5,517,236
Effect of dilutive shares		184,489		70,749
Weighted average shares outstanding - diluted		5,714,121		5,587,985
Earnings per share - basic	$	0.27	$	0.33
Earnings per share - diluted	$	0.26	$	0.33

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

	2020		2019
Net income	$	3,022,154	$	3,530,111
Weighted average shares outstanding		5,529,944		5,515,832
Effect of dilutive shares		178,774		70,981
Weighted average shares outstanding - diluted		5,708,718		5,586,813
Earnings per share - basic	$	0.55	$	0.64
Earnings per share - diluted	$	0.53	$	0.63