Earnings Per Common Share (EPS)

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022.



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2023	2022	2023	2022

Net income	$ 2,078,000	$ 2,574,000	$ 6,596,000	$ 7,005,000

Weighted average number of shares outstanding - basic and diluted	4,543,338	4,683,581	4,568,789	4,721,423

Earnings per common share - basic and diluted	$ 0.46	$ 0.55	$ 1.44	$ 1.48

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 September 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.