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Earnings Per Share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 9. EARNINGS PER SHARE Earnings per share 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; 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 March 31, |
|  | 2024 |  |  | 2023 |
Net income |  | $ | 266,150 |  |  | $ | 992,541 |
Earnings and dividends allocated to participating securities |  |  | (5,734 | ) |  |  | (5,264 | )
Net income attributable to common stockholders |  | $ | 260,416 |  |  | $ | 987,277 |
Weighted average common shares outstanding: |  |  |  |  |  |
Average number of common shares outstanding - basic |  |  | 11,073,439 |  |  |  | 11,034,193 |
Net effect of dilutive unvested restricted stock awards included for treasury stock method |  |  | 37,524 |  |  |  | 46,318 |
Average number of common shares outstanding - diluted |  |  | 11,110,963 |  |  |  | 11,080,511 |
Earnings per common share |  |  |  |  |  |
Basic |  | $ | 0.02 |  |  | $ | 0.09 |
Diluted |  | $ | 0.02 |  |  | $ | 0.09 |
Common stock dividends totaled $808,568 ($0.0725 per share) and $805,228 ($0.0725 per share) for the three months ended March 31, 2024 and 2023, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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