EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2017

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 3 – EARNINGS PER SHARE

Basic earnings per share of common stock are computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated by including the average dilutive common stock equivalents outstanding during the periods. Dilutive common equivalent shares consist of stock options, calculated using the treasury stock method.

Diluted earnings per share calculations were not required for the three- and nine-month periods ended September 30, 2017 and 2016, since there were no options outstanding.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Basic:
Net income	$	411,000	$	115,000	$	1,064,000	$	706,000
Weighted average common shares outstanding		2,796,099		2,782,923		2,792,544		2,781,371
Basic net income per share	$	0.15	$	0.04	$	0.38	$	0.25