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Earnings Per Common Share (EPS)
 6 Months Ended
Jun. 30, 2021
Earnings Per Common Share (EPS) [Abstract]  
Earnings Per Common Share (EPS)


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Note 3 – Earnings Per Common Share (EPS)

The following is a summary of the earnings per share calculation for the three and six months ended June 30, 2021 and 2020.

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Net income

$

2,014,000

$

821,000

$

3,849,000

$

1,816,000

Weighted average number of shares - basic and diluted

4,748,356

4,773,380

4,757,480

4,778,112

Basic and diluted EPS

$

0.42

$

0.17

$

0.81

$

0.38

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 anticipates a cash settlement policy for all currently outstanding RSUs. There were no potentially dilutive shares outstanding in 2021 and 2020. Weighted average and per share amounts for all periods have been adjusted to reflect a 10% stock dividend declared on May 18, 2021.