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Net Income Per Share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Net Income Per Share | Net Income Per Share The number of shares used to calculate basic net income per common share is based on the weighted average number of the Company’s outstanding common shares during the respective period. The number of shares used to calculate diluted net income per common share is based on the number of common shares used to calculate basic net income per common share plus the effect of potentially dilutive securities outstanding during the period, which is determined by the application of the treasury stock method. When applying the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share are higher than the Company’s average stock price during an applicable period. For the three months ended March 31, 2024 and 2023, no securities were excluded from the computation of dilutive net income per common share because they would have been anti-dilutive. The following table presents the net income per common share for the three months ended March 31, 2024 and 2023:
| Three Months Ended March 31, |  |  |  |
| 2024 |  | 2023 |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 126,995 |  |  | $ | 270,771 |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 13,002,127 |  |  | 15,266,895 |  |  |  |  |  |  |  |  |
Net income per common share - basic | $ | 9.77 |  |  | $ | 17.74 |  |  |  |  |  |  |  |  |
Diluted |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 13,002,127 |  |  | 15,266,895 |  |  |  |  |  |  |  |  |
Dilutive effect of warrants | — |  |  | 158,304 |  |  |  |  |  |  |  |  |
Dilutive effect of stock options | — |  |  | 1,999 |  |  |  |  |  |  |  |  |
Dilutive effect of other stock-based instruments | 234,469 |  |  | 489,180 |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - diluted | 13,236,596 |  |  | 15,916,378 |  |  |  |  |  |  |  |  |
Net income per common share - diluted | $ | 9.59 |  |  | $ | 17.01 |  |  |  |  |  |  |  |  |

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