Net Income per Share

9 Months Ended

Sep. 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 September 30,						9 Months Ended September 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		255,500			311,950			257,133			320,697
LESS: Shares which could be repurchased under treasury stock method		(207,518	)		(234,870	)		(214,947	)		(241,855	)

Weighted average number of common shares outstanding – diluted		10,770,383			10,799,481			10,764,587			10,801,243

For the three and nine months ended September 30, 2024, the computation of diluted net income per share excludes the effects of the assumed exercise of 590,550 and 615,050 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value.

For the three and nine months ended September 30, 2023, the computation of diluted net income per share excludes the effects of the assumed exercise of 402,100 and 402,100 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above market value.