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Net Income Per Share

6 Months Ended

Jun. 30, 2025

13. Net Income Per Share

Basic net income per share is computed on the basis of the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed based upon the weighted-average number of common shares outstanding during the period plus the assumed issuance of common shares for all potentially dilutive securities.

The net income used in the calculation of basic and diluted net income per share is as follows:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net income	$	1,551,461	$	815,660	$	5,567,495	$	2,322,556

In calculating the net income per share, basic and diluted, the following weighted-average shares were used:


	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Basic weighted-average number of shares outstanding	22,017,310	21,921,752	22,013,062	21,957,980
Unvested time-based restricted shares	185,005	107,723	142,567	29,162
Diluted weighted-average shares outstanding	22,202,315	22,029,475	22,155,629	21,987,142

The Company excluded the following shares from the diluted EPS because their inclusion would have been anti-dilutive.


	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Anti-dilutive unvested time-based restricted shares	367,421	492,463	411,203	512,389