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Earnings Per Common Share (EPS)
 3 Months Ended
Mar. 31, 2023
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, 2023 and 2022.

Three Months Ended

March 31,

2023

2022

Net income

$      1,984,000

$      2,139,000

Weighted average number of shares outstanding - basic and diluted

4,618,684

4,740,657

Earnings per common share - basic and diluted

$               0.43

$               0.45

In 2022, all restricted stock units (RSUs) were excluded from calculating diluted earnings per share as the Company elected to settle units vesting in 2022 wholly in cash. There are currently no outstanding RSUs as of March 31, 2023. There were no potentially dilutive shares outstanding in 2023 and 2022. Consequently, the weighted average shares and weighted average diluted shares were identical.