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Earnings Per Common Share (EPS)
 3 Months Ended
Mar. 31, 2020
Earnings Per Common Share (EPS) [Abstract]  
Earnings Per Common Share (EPS)

Note 3 – Earnings Per Common Share (EPS)

The following is a summary of the earnings per share calculation for the three months ended March 31, 2020 and 2019.





 

 

 



 

 

 



Three Months Ended



March 31,



2020

 

2019



 

 

 

Net income

$        995,000

 

$      1,234,000



 

 

 

Weighted average number of shares

 4,348,040 

 

 4,378,436 

Restricted stock units affect of incremental shares

 -

 

 2,523 



 

 

 

Weighted average diluted shares

 4,348,040 

 

 4,380,959 



 

 

 



 

 

 

Basic EPS (weighted avg shares)

$              0.23

 

$               0.28



 

 

 

Diluted EPS (Including incremental shares)

$              0.23

 

$               0.28

In 2020, all restricted stock units (RSUs) were excluded from calculating diluted earnings per share as the Company elected to settle units vesting in 2020 wholly in cash.  Going forward, management has adopted a cash settlement policy for all currently outstanding RSUs.  Prior to 2020, the presumption was that the shares would be settled in common stock and the RSUs were included in the calculation of diluted EPS. There were no potentially dilutive shares were excluded from the 2019 earnings per share calculation because they were anti-dilutive.