Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.20.2
Earnings Per Share
6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share

9. 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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(22,144

)

 

$

136,845

 

 

$

(378,568

)

 

$

324,668

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding - basic

 

 

9,269,567

 

 

 

7,640,991

 

 

 

9,266,189

 

 

 

7,635,885

 

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

 

 

 

 

 

9,305

 

 

 

 

 

 

7,095

 

Average number of common shares outstanding - diluted

 

 

9,269,567

 

 

 

7,650,296

 

 

 

9,266,189

 

 

 

7,642,980

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.00

)

 

$

0.02

 

 

$

(0.04

)

 

$

0.04

 

Diluted

 

$

(0.00

)

 

$

0.02

 

 

$

(0.04

)

 

$

0.04

 

 

For the three and six months ended June 30, 2020, 16,863 and 16,906 shares of common stock from outstanding restricted stock awards were excluded from the computation of diluted net loss per common share since the effect would be anti-dilutive.

 

Common stock dividends totaled $608,153 ($0.065 per share) and $502,407 ($0.065 per share) for the three months ended June 30, 2020 and 2019, respectively, and $1,214,623 ($0.13 per share) and $1,005,701 ($0.13 per share) for the six months ended June 30, 2020 and 2019, respectively.