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EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 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):

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

Numerator:

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$949

 

 

$1,079

 

 

$4,285

 

 

$5,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares – basic

 

 

87,108,745

 

 

 

85,644,180

 

 

 

86,958,033

 

 

 

85,419,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of common stock equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares – diluted

 

 

87,108,745

 

 

 

85,644,180

 

 

 

86,958,033

 

 

 

85,419,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic

 

$0.01

 

 

$0.01

 

 

$0.05

 

 

$0.07

 

Earnings per share – diluted

 

$0.01

 

 

$0.01

 

 

$0.05

 

 

$0.07

 

 

For the three and nine months ended September 30, 2023 and 2022, share equivalents related to options to purchase 1,706,001, compared to 1,456,000, and 1,706,001 compared to 1,456,000, 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.