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Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2020
Earnings per Share [Abstract]  
Calculated Basic and Diluted Earnings Per Share



 

 

 

 

 

 



 

Three Months Ended June 30,



 

2020

 

2019

Numerator – net income

 

$

 1,353,000 

 

$

 805,000 

Denominator:

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

 5,976,962 

 

 

 6,013,599 

Increase in weighted average shares outstanding due to:

 

 

 

 

 

 

Stock options

 

 

 -

 

 

 8,550 

Diluted weighted average shares outstanding (1)

 

 

 5,976,962 

 

 

 6,022,149 



 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$

 0.23 

 

$

 0.13 

Diluted

 

$

 0.23 

 

$

 0.13 



 

 

 

 

 

 



 

Six Months Ended June 30,



 

2020

 

2019

Numerator – net income

 

$

 2,084,000 

 

$

 1,703,000 

Denominator:

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

 5,981,878 

 

 

 6,022,869 

Increase in weighted average shares outstanding due to:

 

 

 

 

 

 

Stock options

 

 

 -

 

 

 8,618 

Diluted weighted average shares outstanding (1)

 

 

 5,981,878 

 

 

 6,031,487 



 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$

 0.35 

 

$

 0.28 

Diluted

 

$

 0.35 

 

$

 0.28 



(1)

Stock options to purchase 64,547 shares under the Company’s 2006 Stock Option Plan and 20,000 shares under the EIP at $14.38 for each plan were outstanding during the three and six month periods ended June 30, 2020 and 2019, but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive.