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Earnings Per Common Share (EPS)
 3 Months Ended
Mar. 31, 2022
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, 2022 and 2021.

Three Months Ended

March 31,

2022

2021

Net income

$      2,139,000

$      1,835,000

Weighted average number of shares, basic and diluted

4,740,657

4,766,601

Restricted stock units/stock options affect of incremental shares

-

-

Basic and diluted EPS (weighted avg shares)

$               0.45

$               0.38

In 2022 and 2021, all restricted stock units (RSUs) were excluded from calculating diluted earnings per share as the Company elected to settle units vesting in 2022 and 2021 wholly in cash. There are currently no outstanding RSUs as of March 31, 2022. There were no potentially dilutive shares outstanding in 2022 and 2021. Consequently, the weighted average shares and and weighted average diluted shares were identical. Weighted average and per share amounts for all periods have been adjusted to reflect a 10% stock dividend declared on May 18, 2021.