Earnings Per Common Share (EPS)

9 Months Ended

Sep. 30, 2022

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 and nine months ended September 30, 2022 and 2021.



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2022	2021	2022	2021

Net income	$ 2,574,000	$ 1,881,000	$ 7,005,000	$ 5,730,000

Weighted average number of shares outstanding - basic and diluted	4,683,581	4,740,657	4,721,423	4,750,235

Earnings per common share - basic and diluted	$ 0.55	$ 0.40	$ 1.48	$ 1.21

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 September 30, 2022. There were no potentially dilutive shares outstanding in 2022 and 2021. Consequently, the weighted average shares 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.