Earnings per share is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends. The Company grants restricted stock to certain employees under its stock-based compensation programs, which entitle recipients to receive nonforfeitable

dividends during the vesting period on a basis equivalent to the dividends paid to holders of the Company's common stock, $0.01 par value per share; these unvested awards meet the definition of participating securities.

The following table sets forth the computation of basic and diluted earnings per share:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Net income	$	664,216		$	591,530		$	1,219,368		$	857,680
Earnings and dividends allocated to participating securities		(11,875	)		(12,302	)		(22,215	)		(18,036	)
Net income attributable to common stockholders	$	652,341		$	579,228		$	1,197,153		$	839,644
Weighted average common shares outstanding:
Average number of common shares outstanding - basic		11,161,473			11,087,539			11,151,123			11,080,489
Net effect of dilutive unvested restricted stock awards included for treasury stock method		89,205			47,355			61,744			40,807
Average number of common shares outstanding - diluted		11,250,678			11,134,894			11,212,867			11,121,296
Earnings per common share
Basic	$	0.06		$	0.05		$	0.11		$	0.08
Diluted	$	0.06		$	0.05		$	0.11		$	0.08

Common stock dividends totaled $822,009 ($0.0725 per share) and $816,841 ($0.0725 per share) for the three months ended June 30, 2025 and 2024, respectively, and $1,640,735 ($0.1450 per share) and $1,625,409 ($0.1450 per share) for the six months ended June 30, 2025 and 2024, respectively.