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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2020
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE 3 – EARNINGS PER SHARE Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average common shares outstanding, plus the effect of common stock equivalents (for example, stock options computed using the treasury stock method).
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Basic and diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 949,027 |  | $ | 605,522 |  | $ | 1,122,820 |  | $ | 1,059,823 |
Weighted average common shares outstanding |  |  | 2,836,998 |  |  | 2,823,271 |  |  | 2,833,130 |  |  | 2,819,952 |
Basic and dilutive net income per share |  | $ | 0.33 |  | $ | 0.21 |  | $ | 0.40 |  | $ | 0.38 |
Diluted earnings per share calculations were not required for the three- and nine-month period ended September 30, 2020 and 2019, as there were no stock options outstanding.

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