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Earnings Per Common Share (EPS) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2023 and 2022.
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net income | $ 2,534,000 |  | $ 2,292,000 |  | $ 4,518,000 |  | $ 4,431,000
Weighted average number of shares outstanding - basic and diluted | 4,545,173 |  | 4,740,657 |  | 4,581,726 |  | 4,740,657
Earnings per common share - basic and diluted | $ 0.56 |  | $ 0.48 |  | $ 0.99 |  | $ 0.93
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 June 30, 2023. There were no potentially dilutive shares outstanding in 2023 and 2022. Consequently, the weighted average shares and weighted average diluted shares were identical.

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