Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.10.0.1
Earnings Per Share
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share

8. EARNINGS PER SHARE

Basic earnings per share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributed to potentially diluted securities. The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net income (loss)

 

$

89,368

 

 

$

(129,346

)

 

$

543,969

 

 

$

(125,524

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding - basic

 

 

7,623,182

 

 

 

7,619,469

 

 

 

7,620,747

 

 

 

7,619,469

 

Net effect of dilutive unvested restricted stock awards included for treasury stock method

 

 

3,104

 

 

 

 

 

1,022

 

 

 

Average number of common shares outstanding - diluted

 

 

7,626,286

 

 

 

7,619,469

 

 

 

7,621,769

 

 

 

7,619,469

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

 

$

(0.02

)

 

$

0.07

 

 

$

(0.02

)

Diluted

 

$

0.01

 

 

$

(0.02

)

 

$

0.07

 

 

$

(0.02

)

 

Common stock dividends totaled $500,020 ($0.065 per share) and $495,266 ($0.065 per share) for the three months ended September 30, 2018 and 2017, respectively, and $1,495,307 ($0.13 per share) and $1,485,797 ($0.13 per share) for the nine months ended September 30, 2018 and 2017, respectively.   The classification of these dividends for federal income tax purposes is expected to be determined after the Company’s fiscal year ending December 31, 2018.