Net Income per Share

6 Months Ended

Jun. 30, 2024

(7) 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.

	3 Months Ended June 30,						6 Months Ended June 30,
	2024			2023			2024			2023

Weighted average number of common shares outstanding – basic		10,722,401			10,722,401			10,722,401			10,722,401
Potential shares exercisable under stock option plans		227,357			335,137			257,679			305,236
LESS: Shares which could be repurchased under treasury stock method		(192,697	)		(250,220	)		(218,358	)		(225,461	)

Weighted average number of common shares outstanding – diluted		10,757,061			10,807,318			10,761,722			10,802,176

For the three and six months ended June 30, 2024, the computation of diluted net income per share excludes the effects of the assumed exercise of 645,050 and 615,050 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value.

For the three and six months ended June 30, 2023, the computation of diluted net income per share excludes the effects of the assumed exercise of 392,600 and 423,900 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value.