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1. UNAUDITED INTERIM FINANCIAL STATEMENTS: Income Per Share (Policies)
9 Months Ended
Sep. 30, 2021
Policies  
Income Per Share

Income Per Share

 

Income per share – basic is calculated by dividing net income by the weighted average number of shares of stock outstanding during the year, including shares issuable without additional consideration. Income per share, assuming dilution, is calculated by dividing net income by the weighted average number of shares outstanding during the year adjusted for the effect of dilutive potential shares calculated using the treasury stock method for options and warrants and the “if converted” method for convertible preferred stock.

 

The reconciliation of basic and diluted income per share are as follows:

 

 

Three Months Ended

 

Nine Months Ended

September 30, 2021

 

September 30, 2020

 

September 30, 2021

 

September 30, 2020

Net income:

    

 

    

 

 

 

 

Net income

$188,004 

 

$298,290  

 

$736,026  

 

$490,522  

Preferred stock dividends

(13,685) 

 

(13,163) 

 

(41,054) 

 

(46,701) 

Net income available to common shareholders

174,319 

 

285,127  

 

694,972  

 

443,821  

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

Weighted average common shares outstanding used in income per share

16,660,121 

 

15,034,706  

 

16,597,659 

 

14,707,561  

Basic income per share

0.01 

 

0.02  

 

0.04 

 

0.03  

 

 

 

 

 

 

 

 

Diluted income per share:

 

 

 

 

 

 

 

Shares used in diluted income per share

19,688,994 

 

18,876,162  

 

19,585,761 

 

17,957,425  

Diluted income per share

0.01 

 

0.02  

 

0.04 

 

0.02  

 

 

 

 

 

 

 

 

Computation of shares used in income per share:

 

 

 

 

 

 

 

Weighted average shares and share equivalents outstanding – basic

16,660,121 

 

15,034,706  

 

16,597,659 

 

14,707,561  

Effect of dilutive stock options

2,741,040 

 

3,568,267  

 

2,701,422 

 

2,989,353  

Effect of dilutive warrants

287,833 

 

273,189  

 

286,680 

 

260,511  

Weighted average shares and share equivalents outstanding – diluted

19,688,994 

 

18,876,162  

 

19,585,761 

 

17,957,425  

 

 

 

 

 

 

 

 

 

Schedule of Anti-dilutive Securities Excluded

 

Three Months Ended

 

Nine Months Ended

September 30, 2021

 

September 30, 2020

 

September 30, 2021

 

September 30, 2020

Stock options

- 

 

- 

 

45,000 

 

263,000 

Preferred stock

568,257 

 

568,257 

 

568,257 

 

568,257 

Total anti-dilutive securities excluded

568,257 

 

568,257 

 

613,257 

 

831,257 

 

Anti-dilutive securities consist of stock options and convertible preferred stock whose exercise price or conversion price, respectively, was greater than the average market price of the common stock.