Earnings per Common Share

9 Months Ended

Sep. 30, 2020

Earnings per Common Share

Note 4. Earnings per Common Share

Note 4. Earnings per Common Share

Earnings per common share amounts are computed based on the weighted average number of shares of common stock issued during the period (retroactively adjusted for stock splits and stock dividends, if any), including Dividend Reinvestment Plan shares issuable upon reinvestment of dividends declared, and reduced for shares held in treasury.

The following tables illustrate the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock:

Three Months Ended September 30,	2020		2019
Net income, as reported	$	2,880,443	$	2,261,943
Less: dividends to preferred shareholders		12,188		20,625
Net income available to common shareholders	$	2,868,255	$	2,241,318
Weighted average number of common shares
used in calculating earnings per share		5,285,771		5,212,162
Earnings per common share	$	0.54	$	0.43

Nine Months Ended September 30,	2020		2019
Net income, as reported	$	7,583,992	$	6,453,146
Less: dividends to preferred shareholders		42,188		68,750
Net income available to common shareholders	$	7,541,804	$	6,384,396
Weighted average number of common shares
used in calculating earnings per share		5,264,802		5,196,630
Earnings per common share	$	1.43	$	1.23