INCOME PER COMMON SHARE

12 Months Ended

Dec. 31, 2020

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.

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

	2020		2019		2018
Net income	$	6,460,631	$	7,318,433	$	6,922,934
Weighted average shares outstanding		5,526,948		5,522,025		5,500,027
Effect of dilutive shares		151,595		66,065		88,985
Weighted average shares outstanding - diluted		5,678,543		5,588,090		5,589,012
Earnings per share - basic	$	1.17	$	1.33	$	1.26
Earnings per share - diluted	$	1.14	$	1.31	$	1.24