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INCOME (LOSS) PER COMMON SHARE
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
INCOME (LOSS) PER COMMON SHARE

 

7. INCOME (LOSS) PER COMMON SHARE
   

The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share” and uses the two-class method in the calculation of earnings per share. Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. During the three months ended March 31, 2023 and 2022, respectively, and as of March 31, 2023 and 2022, respectively, the Company had restricted shares of common stock that were considered participating securities and unrestricted shares of common stock outstanding. Earnings and losses are shared pro rata.

 

Basic and diluted income (loss) per common share is computed using the weighted average number of common shares outstanding. Diluted income (loss) per common share is adjusted for the incremental shares attributed to unvested RSUs. Incremental shares of 87,890 were used in the calculation of diluted income per common share for the three months ended March 31, 2023. Incremental shares of 142,587 were not used in the calculation of diluted income per common share for the three months ended March 31, 2022, as the Company was in a loss position for the three months ended March 31, 2022 and these shares would be considered anti-dilutive.

 

For the three months ended March 31, 2023 and 2022, respectively, our income (loss) per common share was calculated as follows:

 

   Three months
ended March 31,
2023		   Three months
ended March 31,
2022		 
Net income (loss)  $983,305   $(32,931)
           
Income (loss) per common share, basic:          
Income (loss) per common share-unrestricted shares  $0.08   $(0.00)
Income (loss) per common share-restricted shares  $0.08   $(0.00)
           
Income (loss) per common share, diluted  $0.08   $(0.00)
           
Shares used in computing income (loss) per common share, basic:          
Unrestricted shares   12,281,115    12,072,838 
Restricted shares   239,184    290,305 
Total shares   12,520,299    12,363,143 
           
Shares used in computing income (loss) per common share, diluted   12,608,189    12,363,143