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INCOME PER COMMON SHARE
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 and 2022, respectively, and as of September 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 33,162 were used in the calculation of diluted income per common share for both the three and nine months ended September 30, 2023.

 

 

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

                 
   Three months ended
September 30,		   Nine months ended
September 30,		 
   2023   2022   2023   2022 
Net income  $301,364   $1,858,752   $2,441,745   $2,343,457 
                     
Income per common share, basic:                    
Income per common share-unrestricted shares  $0.02   $0.15   $0.19   $0.19 
Income per common share-restricted shares  $0.02   $0.15   $0.19   $0.19 
                     
Income per common share, diluted  $0.02   $0.15   $0.19   $0.19 
                     
Shares used in computing income per common share, basic:                    
Unrestricted shares   12,431,727    12,208,340    12,418,693    12,274,246 
Restricted shares   328,244    93,412    195,206    88,714 
Total shares   12,759,971    12,301,752    12,613,899    12,362,960 
                     
Shares used in computing income per common share, diluted   12,793,133    12,349,283    12,647,061    12,410,491