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Earnings Per Share | 12 Months Ended
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Dec. 31, 2023
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, |
|  | 2023 |  |  | 2022 |
Net income |  | $ | 2,938,769 |  |  | $ | 2,057,723 |
Earnings and dividends allocated to participating securities |  |  | (24,425 | ) |  |  | (23,567 | )
Net income attributable to common stockholders |  | $ | 2,914,344 |  |  | $ | 2,034,156 |
Weighted average common shares outstanding: |  |  |  |  |  |
Average number of common shares outstanding - basic |  |  | 11,045,699 |  |  |  | 10,845,884 |
Net effect of dilutive unvested restricted stock awards included for treasury stock method |  |  | 41,518 |  |  |  | 54,157 |
Average number of common shares outstanding - diluted |  |  | 11,087,217 |  |  |  | 10,900,041 |
Earnings per common share |  |  |  |  |  |
Basic |  | $ | 0.26 |  |  | $ | 0.19 |
Diluted |  | $ | 0.26 |  |  | $ | 0.19 |
Common stock dividends totaled $3,231,608 ($0.29 per share) and $3,019,063 ($0.275 per share) for the years ended December 31, 2023 and 2022, respectively.

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