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Note 13 - Earnings Per Share | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Earnings Per Share [Text Block] |
13. | Earnings Per Share
Basic and diluted earnings per common share is computed as follows:
|  | 2021 |  |  | 2022 |  |  | 2023 |
Income: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | 42,963,660 |  |  |  | 106,244,916 |  |  |  | 114,549,279 |
Dividends to Series B preferred shares |  |  | (255,324 | ) |  |  | - |  |  |  | - |
Preferred deemed dividend |  |  | (345,628 | ) |  |  | - |  |  |  | - |
Net income attributable to common shareholders |  |  | 42,362,708 |  |  |  | 106,244,916 |  |  |  | 114,549,279 |
Weighted average common shares –outstanding, basic |  |  | 6,976,905 |  |  |  | 7,181,561 |  |  |  | 6,931,280 |
Basic earnings per share |  |  | 6.07 |  |  |  | 14.79 |  |  |  | 16.53 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Dilutive effect of non-vested shares |  |  | 16,500 |  |  |  | 8,546 |  |  |  | 4,780 |
Weighted average common shares –outstanding, diluted |  |  | 6,993,405 |  |  |  | 7,190,107 |  |  |  | 6,936,060 |
Diluted earnings per share |  |  | 6.06 |  |  |  | 14.78 |  |  |  | 16.52 |
For the years ended December 31, 2021, 2022 and 2023, the denominator of the diluted earnings per share calculation includes 16,500, 8,546 and 4,780 common shares, respectively, being the number of incremental shares assumed issued under the treasury stock method.

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