EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2019

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

6.  EARNINGS PER SHARE

Basic earnings per share (“EPS”) are computed based on the weighted average number of common shares outstanding during the period.  Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect, such as stock awards from the Company’s restricted stock plan, had been issued.  Anti-dilutive securities represent potentially dilutive securities which are excluded from the computation of diluted earnings per share as their impact would be anti-dilutive.  Diluted EPS is computed using the treasury stock method.

The following table sets forth the computation of basic and diluted EPS for the three and nine months ended September 30, 2019 and 2018:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019 (1)			2018 Restated		2019 (1)			2018 Restated
Numerator:
Net income (loss)	$	(1,718,452	)	$	608,701	$	(1,074,308	)	$	3,283,100
Denominator:
Basic weighted-average common shares ouststanding		8,932,246			9,154,215		8,957,578			9,199,173
Dilutive effect of service-based restricted stock awards granted to Board of Directors under the Plan		-			294		-			11
Dilutive effect of service-based restricted stock awards granted to employees under the Plan		-			5,513		-			2,393
Diluted weighted-average common shares outstanding		8,932,246			9,160,022		8,957,578			9,201,577

(1) For the three and nine-months ended September 30, 2019, there were 2,704 and 5,200 shares, respectively, excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in those periods.