INCOME PER COMMON SHARE

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

INCOME PER COMMON SHARE

6. INCOME PER COMMON SHARE

Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding. 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 weighted average shares outstanding for the three months ended March 31:

	Three Months Ended March 31,
	2021		2020
Net income	$	1,810,075	$	1,521,131
Weighted average shares outstanding		5,521,707		5,530,256
Effect of dilutive shares		163,444		55,366
Weighted average shares outstanding - diluted		5,685,151		5,585,622
Earnings per share - basic	$	0.33	$	0.28
Earnings per share - diluted	$	0.32	$	0.27