Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

Basic net earnings per common share is computed by dividing net income by the weighted-average number of shares of Common Stock outstanding. Diluted earnings per common share reflects, in periods in which it has a dilutive effect, the impact of shares of Common Stock issuable upon exercise of stock options and warrants as well as non-vested restricted stock awards. The computation of diluted earnings per common share excludes those options and warrants with an exercise price in excess of the average market price of the Company’s Common Stock during the periods presented. For the three months ended March 31, 2025 and 2024, there were -0- options and 120,553 options with an exercise price in excess of the average market price of the Company’s Common Stock during the periods. For the three months ended March 31, 2025 and 2024, there were no warrants with an exercise price in excess of the average market price of the Company’s Common Stock during the periods.

The computation of diluted earnings per common share excludes outstanding options, warrants and non-vested restricted stock awards in periods where the exercise of such options and warrants or vesting of such restricted stock awards would be anti-dilutive. For the three months ended March 31, 2025 and 2024, there were no options, warrants or restricted stock awards that were anti-dilutive for the relevant periods.

The reconciliation of the weighted average number of shares of Common Stock used in the calculation of basic and diluted earnings per common share follows:


	Three Months Ended March 31,
		2025	2024

Weighted average number of shares outstanding		13,472,404	10,999,662

Effect of dilutive securities, common share equivalents:
Stock options		188,679	13,902
Warrants		583,567	518,094
Restricted stock awards		27,852	259,862

Weighted average number of shares outstanding, used for computing diluted earnings per share		14,272,502	11,791,520