Earnings Per Common Share (EPS)

3 Months Ended

Mar. 31, 2021

Earnings Per Common Share (EPS) [Abstract]

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, 2021 and 2020.



	Three Months Ended
	March 31,
	2021	2020

Net income	$ 1,835,000	$ 995,000

Weighted average number of shares	4,333,274	4,348,040
Restricted stock units/stock options affect of incremental shares	-	-

Weighted average diluted shares	4,333,274	4,348,040


Basic EPS (weighted avg shares)	$ 0.42	$ 0.23

Diluted EPS (Including incremental shares)	$ 0.42	$ 0.23

In 2021 and 2020, all restricted stock units (RSUs) were excluded from calculating diluted earnings per share as the Company elected to settle units vesting in 2021 and 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 excluded from the 2021 and 2020 earnings per share calculation because they were anti-dilutive.