Earnings Per Share

12 Months Ended

Dec. 31, 2024

9. EARNINGS PER SHARE

Earnings per share is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends. The Company grants restricted stock to certain employees under its stock-based compensation programs, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of the Company's common stock, $0.01 par value per share; these unvested awards meet the definition of participating securities.

The following table sets forth the computation of basic and diluted earnings per share:


	For the Year Ended December 31,
	2024			2023
Net income	$	2,123,743		$	2,938,769
Earnings and dividends allocated to participating securities		(39,535	)		(24,425	)
Net income attributable to common stockholders	$	2,084,208		$	2,914,344
Weighted average common shares outstanding:
Average number of common shares outstanding - basic		11,094,915			11,045,699
Net effect of dilutive unvested restricted stock awards included for treasury stock method		48,916			41,518
Average number of common shares outstanding - diluted		11,143,831			11,087,217
Earnings per common share
Basic	$	0.19		$	0.26
Diluted	$	0.19		$	0.26

Common stock dividends totaled $3,264,451 ($0.29 per share) and $3,231,608 ($0.29 per share) for the years ended December 31, 2024 and 2023, respectively.