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Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | 9. EARNINGS PER SHARE Earnings per share (“EPS”) is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends. The Company grants restricted stock to certain employees under its stock-based compensation programs, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of the Company's common stock, $0.01 par value (the “common stock”); these unvested awards meet the definition of participating securities. The following table sets forth the computation of basic and diluted earnings per share:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net income |  | $ | 929,864 |  |  | $ | 629,062 |  |  | $ | 1,617,271 |  |  | $ | 1,901,608 |
Earnings and dividends allocated to participating securities |  |  | (6,227 | ) |  |  | (6,929 | ) |  |  | (17,955 | ) |  |  | (18,494 | )
Net income attributable to common stockholders |  | $ | 923,637 |  |  | $ | 622,133 |  |  | $ | 1,599,316 |  |  | $ | 1,883,114 |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Average number of common shares outstanding - basic |  |  | 10,924,646 |  |  |  | 10,601,521 |  |  |  | 10,785,362 |  |  |  | 9,757,458 |
Net effect of dilutive unvested restricted stock awards included for treasury stock method |  |  | 53,354 |  |  |  | 33,485 |  |  |  | 57,153 |  |  |  | 29,859 |
Average number of common shares outstanding - diluted |  |  | 10,978,000 |  |  |  | 10,635,006 |  |  |  | 10,842,515 |  |  |  | 9,787,317 |
Earnings per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.08 |  |  | $ | 0.06 |  |  | $ | 0.15 |  |  | $ | 0.19 |
Diluted |  | $ | 0.08 |  |  | $ | 0.06 |  |  | $ | 0.15 |  |  | $ | 0.19 |
Common stock dividends totaled $804,289 ($0.0725 per share) and $696,060 ($0.065 per share) for the three months ended September 30, 2022 and 2021, respectively, and $2,213,115 ($0.2025 per share) and $1,915,591 ($0.195 per share) for the nine months ended September 30, 2022 and 2021, 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 https://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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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