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Earnings Per Common Share

12 Months Ended

Dec. 31, 2020

Note 18 - Earnings Per Common Share

Basic net earnings(loss) per common share is computed by dividing income(loss) available to common shareholders by the weighted-average number of shares of Common Stock outstanding. Diluted earnings(loss) per common share reflect, in periods in which they have a dilutive effect, the impact of common shares issuable upon exercise of stock options as well as non-vested restricted stock awards. The computation of diluted earnings(loss) per common share excludes those options with an exercise price in excess of the average market price of the Company’s Common Stock during the periods presented.

The computation of diluted earnings(loss) per common share excludes outstanding options in periods where the exercise of such options would be anti-dilutive. For the years ended December 31, 2020 and 2019, no options were included in the computation of diluted earnings (loss) per common share as they would have been anti-dilutive for the relevant periods and, as a result, the weighted average number of shares of Common Stock used in the calculation of diluted earnings per common share has not been adjusted for the effect of such options.

The reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings (loss) per common share follows:

	Years ended
	December 31,
	2020		2019

Weighted average number of shares outstanding		10,721,342		10,773,623

Effect of dilutive securities, common share equivalents:
Stock options		-		-
Restricted stock awards		9,395		-

Weighted average number of shares outstanding,
used for computing diluted earnings per share		10,730,737		10,773,623