Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Note 13 – Earnings Per Share:

Basic earnings per share are calculated by dividing net income by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share reflect additional dilution from potential common stock issuable upon the exercise of outstanding stock options. The following table sets forth the computation of basic and diluted earnings per common share, as well as a reconciliation of the weighted average number of common shares outstanding to the weighted average number of shares outstanding on a diluted basis.

	Years Ended December 31,
	2019		2018
Earnings per common share –Basic
Net income	$	3,498,714	$	2,795,249
Weighted average number of common shares outstanding		9,391,264		9,279,872
Earnings per common share – Basic	$	0.37	$	0.30
Earnings per common share – Diluted
Net income	$	3,498,714	$	2,795,249
Weighted average number of common shares outstanding		9,391,264		9,279,872
Dilutive effect of employee stock-based awards		8,170		39,231
Weighted average number of common shares outstanding – Diluted		9,399,434		9,319,103
Earnings per common share – Diluted	$	0.37	$	0.30

The Company had no stock options outstanding at December 31, 2019 and 2018, respectively that were anti-dilutive and therefore not included in the diluted earnings per common share calculation.