Earnings Per Share

12 Months Ended

Dec. 31, 2025

12. Earnings Per Share

The calculation of earnings per share is as follows:


	2025		2024
Numerator:
Net income	$	10,184,421	$	10,022,351
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding		3,787,284		3,700,568
Effect of diluted employee stock options		299,792		397,981
Denominator for dilutive earnings per share		4,087,076		4,098,549
Basic earnings per share	$	2.69	$	2.71
Diluted earnings per share	$	2.49	$	2.45

For 2025 324,125 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.

In 2024, all outstanding options were included in the calculation of diluted shares.