NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2023

Net Income per Share [Abstract]

NET INCOME PER SHARE

NOTE 9 - NET INCOME PER SHARE

Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding and the dilutive effect of outstanding stock options:

	2023			2022
Net income	$	1,695,053		$	1,360,238
Weighted average common shares outstanding – basic		10,722,401			10,722,401
Potential shares exercisable under stock option plans		315,862			237,000
Less: Shares which could be repurchased under treasury stock method		(241,141	)		(198,511	)
Weighted average common shares outstanding – diluted		10,797,122			10,760,890
Net income per share:
Basic	$	0.16		$	0.13
Diluted	$	0.16		$	0.13

For fiscal 2022, the computation of diluted net income per share excludes the effects of 390,600 options, since their inclusion would be anti-dilutive as their exercise prices were above the average market value.

For fiscal 2023, the computation of diluted net income per share excludes the effects of 402,100 options, since their inclusion would be anti-dilutive as their exercise prices were above the average market value.