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Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

12. Earnings Per Share

The calculation of earnings per share is as follows:

 

 

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

Net income

 

$

10,022,351

 

 

$

17,793,160

 

Denominator:

 

 

 

 

 

 

Denominator for basic earnings per share:

 

 

 

 

 

 

Weighted average shares outstanding

 

 

3,700,568

 

 

 

3,572,144

 

Effect of diluted employee stock options

 

 

397,981

 

 

 

85,553

 

Denominator for dilutive earnings per share

 

 

4,098,549

 

 

 

3,657,697

 

Basic earnings per share

 

$

2.71

 

 

$

4.98

 

Diluted earnings per share

 

$

2.45

 

 

$

4.86

 

 

For 2024 all outstanding options were included in the calculation of diluted shares. In 2023, 591,624 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.