Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.2
Earnings Per Share
6 Months Ended
Jun. 30, 2019
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 June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

136,845

 

 

$

395,474

 

 

$

324,668

 

 

$

454,601

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding - basic

 

 

7,640,991

 

 

 

7,619,549

 

 

 

7,635,885

 

 

 

7,619,509

 

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

 

 

9,305

 

 

 

734

 

 

 

7,095

 

 

 

490

 

Average number of common shares outstanding - diluted

 

 

7,650,296

 

 

 

7,620,283

 

 

 

7,642,980

 

 

 

7,619,999

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.02

 

 

$

0.05

 

 

$

0.04

 

 

$

0.06

 

Diluted

 

$

0.02

 

 

$

0.05

 

 

$

0.04

 

 

$

0.06

 

 

Common stock dividends totaled $502,407 ($0.065 per share) and $495,266 ($0.065 per share) for the three months ended June 30, 2019 and 2018, respectively, and $1,005,701 ($0.13 per share) and $995,286 ($0.13 per share) for the six months ended June 30, 2019 and 2018, 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, 2019.