Net Income per Share

9 Months Ended

Sep. 30, 2025

(8) Net Income per Share

Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding and the dilutive effect of outstanding stock options.


	3 Months Ended September 30,						9 Months Ended September 30,

	2025			2024			2025			2024

Weighted average common shares outstanding – basic		10,767,501			10,722,401			10,767,501			10,722,401
Potential shares exercisable under stock option plans		279,348			255,500			311,033			257,133
Less: Shares which could be repurchased under treasury stock method		(198,242	)		(207,518	)		(225,555	)		(214,947	)
Weighted average common shares outstanding – diluted		10,848,607			10,770,383			10,852,979			10,764,587

For the three and nine months ended September 30, 2025, the computation of diluted net income per share excludes the effects of the assumed exercise of 568,900 and 536,900 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above the average market value.

For the three and nine months ended September 30, 2024, the computation of diluted net income per share excludes the effects of the assumed exercise of 590,550 and 615,050 options, respectively, since their inclusion would be anti-dilutive as their exercise prices were above the average market value.