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Note 13 - Earnings Per Share
 12 Months Ended
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.