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Earnings Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | 9. EARNINGS PER SHARE Basic earnings per share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributed to potentially diluted securities. The following table sets forth the computation of basic and diluted earnings per share:
|  | For the Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Net income |  | $ | 274,341 |  |  | $ | 590,619 |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |
Average number of common shares outstanding - basic |  |  | 9,273,554 |  |  |  | 7,699,966 |
Net effect of dilutive unvested restricted stock awards included for treasury stock method |  |  | 9,133 |  |  |  | 2,151 |
Average number of common shares outstanding - diluted |  |  | 9,282,687 |  |  |  | 7,702,117 |
Earnings per common share |  |  |  |  |  |  |  |
Basic |  | $ | 0.03 |  |  | $ | 0.08 |
Diluted |  | $ | 0.03 |  |  | $ | 0.08 |
Common stock dividends paid in cash totaled $2,427,401 ($0.26 per share) and $2,107,376 ($0.26 per share) for the years ended December 31, 2020 and 2019, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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