Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.20.2
Earnings Per Share
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share

10. 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 Year Ended December 31,

 

 

 

2019

 

 

2018

 

Net income

 

$

590,619

 

 

$

619,448

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Average number of common shares outstanding - basic

 

 

7,699,966

 

 

 

7,622,287

 

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

 

 

2,151

 

 

 

1,835

 

Average number of common shares outstanding - diluted

 

 

7,702,117

 

 

 

7,624,122

 

Earnings per common share

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

 

$

0.08

 

Diluted

 

$

0.08

 

 

$

0.08

 

 

Common stock dividends paid in cash totaled $2,107,376 ($0.26 per share) and $1,992,397 ($0.26 per share) for the years ended December 31, 2019 and 2018, respectively.