Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.22.2.2
Earnings Per Share
9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

9. EARNINGS PER SHARE

Earnings per share (“EPS”) is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends. The Company grants restricted stock to certain employees under its stock-based compensation programs, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of the Company's common stock, $0.01 par value (the “common stock”); these unvested awards meet the definition of participating 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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

929,864

 

 

$

629,062

 

 

$

1,617,271

 

 

$

1,901,608

 

Earnings and dividends allocated to participating securities

 

 

(6,227

)

 

 

(6,929

)

 

 

(17,955

)

 

 

(18,494

)

Net income attributable to common stockholders

 

$

923,637

 

 

$

622,133

 

 

$

1,599,316

 

 

$

1,883,114

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding - basic

 

 

10,924,646

 

 

 

10,601,521

 

 

 

10,785,362

 

 

 

9,757,458

 

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

 

 

53,354

 

 

 

33,485

 

 

 

57,153

 

 

 

29,859

 

Average number of common shares outstanding - diluted

 

 

10,978,000

 

 

 

10,635,006

 

 

 

10,842,515

 

 

 

9,787,317

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

 

$

0.06

 

 

$

0.15

 

 

$

0.19

 

Diluted

 

$

0.08

 

 

$

0.06

 

 

$

0.15

 

 

$

0.19

 

 

Common stock dividends totaled $804,289 ($0.0725 per share) and $696,060 ($0.065 per share) for the three months ended September 30, 2022 and 2021, respectively, and $2,213,115 ($0.2025 per share) and $1,915,591 ($0.195 per share) for the nine months ended September 30, 2022 and 2021, respectively.