EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2019

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 3 – EARNINGS PER SHARE

Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average common shares outstanding during the period.  Diluted EPS is computed by dividing net income available to common shareholders by the weighted average common shares outstanding, plus the effect of common stock equivalents (for example, stock options computed using the treasury stock method).

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Basic and diluted earnings per share:
Net income	$	605,522	$	439,045	$	1,059,823	$	1,172,199
Weighted average common shares outstanding		2,823,271		2,809,834		2,819,952		2,806,341
Basic and dilutive net income per share	$	0.21	$	0.16	$	0.38	$	0.42

Diluted earnings per share calculations were not required for the three- and nine-month periods ended September 30, 2019 and 2018, as there were no stock options outstanding.