Income Per Common Share (Tables)

9 Months Ended

Sep. 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 September 30:

	2020		2019
Net income	$	1,703,271	$	2,014,791
Weighted average shares outstanding		5,527,696		5,526,233
Effect of dilutive shares		168,551		68,823
Weighted average shares outstanding - diluted		5,696,247		5,595,056
Earnings per share - basic	$	0.31	$	0.36
Earnings per share - diluted	$	0.30	$	0.36

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

	2020		2019
Net income	$	4,725,425	$	5,544,902
Weighted average shares outstanding		5,529,189		5,519,337
Effect of dilutive shares		166,425		69,195
Weighted average shares outstanding - diluted		5,695,614		5,588,532
Earnings per share - basic	$	0.85	$	1.00