4.	Earnings Per Common Share (EPS)

Basic EPS is calculated using net income (loss) divided by the weighted average of common shares outstanding. Diluted EPS is calculated similarly to Basic EPS except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the potential dilutive common shares, such as those shares subject to options, had been issued. The options disclosed in Note

have been excluded from the computation because of their antidilutive effect.

Shares used in the calculation of diluted EPS are summarized below:

	Three Months Ended
	Jun 30, 2019		Jun 30, 2018

Weighted average common shares outstanding		1,982,275		1,983,553
Dilutive effect of stock options		—		—
Weighted average common and common equivalent shares outstanding		1,982,275		1,983,553

	Six Months Ended
	Jun 30, 2019		Jun 30, 2018

Weighted average common shares outstanding		1,982,910		1,983,553
Dilutive effect of stock options		—		—
Weighted average common and common equivalent shares outstanding		1,982,910		1,983,553

If the Company was in a net income position for the

three

and

six

months ended

June

30,

2019,

all

16,000

options outstanding with a weighted average exercise price of

$12.17

would have remained excluded from the computation of common share equivalents as the options were anti-dilutive.

For the

three

and

six

months ended

June 30, 2018,

options to purchase all

18,000

shares of common stock with a weighted average exercise price of

$13.22

were outstanding but were excluded from the computation of common shares equivalent because they were anti-dilutive.