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EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2023

EARNINGS PER COMMON SHARE

Earnings Per Common Share

NOTE 11 – EARNINGS PER COMMON SHARE

Earnings per common share-basic is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Net income per common share-diluted assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock, as defined above, outstanding plus potentially dilutive securities. Net income per common share-diluted considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares, as defined above, would have an anti-dilutive effect.

The calculation of earnings per share for the periods indicated below were as follows (amounts in thousands, except share and per share data):

Numerator:		March 31, 2023				March 31, 2022
Net income		$	1,762			$	1,339
Effect of common stock equivalents			-				-
Net income adjusted for common stock equivalents		$	1,762			$	1,339
Denominator:
Weighted average common shares – basic			86,720,823				86,066,070
Dilutive effect of common stock equivalents:
Options			-				-
Denominator:
Weighted average common shares – diluted			86,720,823				86,066,070
Earnings per common share – basic		$	0.02			$	0.02
Earnings per common share – diluted		$	0.02			$	0.02

For the three months ended March 31, 2023, and 2022, share equivalents related to options to purchase 1,926,001 and 1,632,668 shares of common stock, respectively, were excluded from the computation of diluted net income per share as the inclusion of such shares would be anti-dilutive.

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- Definition

Tabular disclosure of the effect of income (loss) on basic earnings per share.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1278-109256

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