Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2025

Calculated Basic and Diluted Earnings Per Share

The calculated basic and diluted earnings per share are as follows:


	Three Months Ended June 30,
	2025		2024
Numerator – net income	$	1,919,000	$	1,116,000
Denominator:
Basic weighted average shares outstanding		5,667,176		5,885,764
Increase in weighted average shares outstanding due to:
Stock options(1)		2,796		—
Diluted weighted average shares outstanding(1)		5,669,972		5,885,764

Earnings per share:
Basic	$	0.34	$	0.19
Diluted	$	0.34	$	0.19

	Six Months Ended June 30,
	2025		2024
Numerator – net income	$	2,975,000	$	2,130,000
Denominator:
Basic weighted average shares outstanding		5,656,795		5,865,744
Increase in weighted average shares outstanding due to:
Stock options(1)		3,578		—
Diluted weighted average shares outstanding(1)		5,660,373		5,865,744

Earnings per share:
Basic	$	0.53	$	0.36
Diluted	$	0.53	$	0.36

(1)

All stock options outstanding during the three and six months ended June 30, 2025 were included in the calculation of diluted earnings per share as none had anti-dilutive effects. Weighted average stock options to purchase 29,142 shares under the Company's 2006 Stock Option Plan and 17,750 shares under the Company's 2012 Equity Incentive Plan ("EIP") at $14.38 and $10.69, respectively, were outstanding during the three months ended June 30, 2024, but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. Weighted average stock options to purchase 40,408 shares under the Company's 2006 Stock Option Plan and 15,135 shares under the 2012 Equity Incentive Plan at an exercise price of $14.38 and $10.69, respectively, were outstanding during the six months ended June 30, 2024, but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive.