Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

9. 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 issuances 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.

	Three Months Ended March 31,
	2021		2020
Earnings per common share –Basic
Net income	$	1,904,269	$	626,881
Weighted average number of common shares outstanding		9,481,799		9,444,834
Earnings per common share – Basic	$	0.20	$	0.07
Earnings per common share – Diluted
Net income	$	1,904,269	$	626,881
Weighted average number of common shares outstanding		9,481,799		9,444,834
Dilutive effect of outstanding stock options		-		7,265
Weighted average number of common shares outstanding – Diluted		9,481,799		9,452,099
Earnings per common share – Diluted	$	0.20	$	0.07

The Company had no stock options outstanding for the three months ended March 31, 2021 and 2020 that were antidilutive and therefore not included in the diluted earnings per common share calculation.