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INCOME PER COMMON SHARE
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
INCOME PER COMMON SHARE

 

7. INCOME 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 per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. During the three months and six months ended June 30, 2023 and 2022, respectively, and as of June 30, 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 per common share is computed using the weighted average number of common shares outstanding. Diluted income per common share is adjusted for the incremental shares attributed to unvested RSUs. Incremental shares of 66,448 were used in the calculation of diluted income per common share for both the three and six months ended June 30, 2023.

 

For the three and six months ended June 30, 2023 and 2022, respectively, our income per common share was calculated as follows:

 

                                 
    Three months ended
June 30,		     Six months ended
June 30,		  
    2023     2022     2023     2022  
Net income   $ 1,157,076     $ 517,636     $ 2,140,381     $ 484,705  
                                 
Income per common share, basic:                                
Income per common share-unrestricted shares   $ 0.09     $ 0.04     $ 0.17     $ 0.04  
Income per common share-restricted shares   $ 0.09     $ 0.04     $ 0.17     $ 0.04  
                                 
Income per common share, diluted   $ 0.09     $ 0.04     $ 0.17     $ 0.04  
                                 
Shares used in computing income per common share, basic:                                
Unrestricted shares     12,429,894       12,305,939       12,412,068       12,275,306  
Restricted shares     128,899       133,061       127,584       125,975  
Total shares     12,558,793       12,439,000       12,539,652       12,401,281  
                                 
Shares used in computing income per common share, diluted     12,625,241       12,534,058       12,606,100       12,496,339