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Income Per Common Share
 3 Months Ended
Jun. 30, 2023
Income per common share:  
Income Per Common Share

9. Income Per Common Share

 

The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three-month periods ended June 30, 2023 and 2022.

 

   2023   2022 
Net income  $465,614   $1,298,672 
           
Shares outstanding:          
Weighted average common shares outstanding – basic   2,136,165    2,149,416 
Effect of the assumed exercise of dilutive stock options   46,635    67,326 
Weighted average common shares outstanding – dilutive   2,182,800    2,216,742 
Income per common share:          
Basic  $0.22   $0.60 
Diluted  $0.21   $0.59 

 

For the three months ended June 30, 2023, 63,000 shares relating to stock options were excluded from the computation of diluted net income because their inclusion would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $15.32 at June 30, 2023. For the three months ended June 30, 2022, no anti-dilutive shares relating to stock options were excluded from the computation of diluted net income.