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EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2021
Basic and diluted net income per common share outstanding:  
EARNINGS PER COMMON SHARE

7. EARNINGS PER COMMON SHARE

 

Basic and diluted earnings per share are calculated in accordance with Accounting Standards Codification (“ASC”) 260, “Earnings Per Share” (“ASC 260”). Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.

 

The denominator is based on the following weighted average number of common shares:

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2021   2020   2021   2020 
Basic weighted average common shares outstanding   11,331,902    9,625,140    10,196,868    9,635,107 
Incremental shares for assumed exercise of warrants   —    —    —    — 
Diluted weighted average common shares outstanding   11,331,902    9,625,140    10,196,868    9,635,107 

 

For each of the three and nine months ended September 30, 2020, vested warrants to purchase 33,612 common shares were not included in the diluted earnings per share calculation because their effect would have been anti-dilutive.