| Net Income per Common Share |
Note
11 – Net Income per Common Share
Basic
income per common share is calculated by dividing net income available to common shareholders by the number of weighted average common
shares issued and outstanding. Diluted income per common share is calculated by dividing net income available to common shareholders
by the weighted average number of common shares issued and outstanding for the period, plus amounts representing the dilutive effect
from the exercise of stock options and warrants and unvested restricted stock, as applicable. The Company calculates dilutive potential
common shares using the treasury stock method, which assumes the Company will use the proceeds from the exercise of stock options and
warrants to repurchase shares of common stock to hold in its treasury stock reserves.
A
reconciliation of the Company’s basic and diluted income per common share is as follows:
Schedule of Basic and Diluted Income
(Loss) Per Common Share
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Three
Months Ended September
30, | | |
Nine
Months Ended September
30, | |
| (In thousands, except share and per share data) | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Numerator: | |
| | |
| | |
| | |
| |
| Net income | |
$ | 512 | | |
$ | 337 | | |
$ | 1,849 | | |
$ | 1,132 | |
| | |
| | | |
| | | |
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| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Basic weighted average common shares outstanding | |
| 10,863,253 | | |
| 10,612,012 | | |
| 10,790,982 | | |
| 10,604,300 | |
| Effect of potentially dilutive options | |
| 340,720 | | |
| 428,913 | | |
| 305,844 | | |
| 242,177 | |
| Diluted weighted average common shares outstanding | |
| 11,203,973 | | |
| 11,040,925 | | |
| 11,096,826 | | |
| 10,846,477 | |
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| | | |
| | | |
| | |
| Income per common share: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.05 | | |
$ | 0.03 | | |
$ | 0.17 | | |
| 0.11 | |
| Diluted | |
$ | 0.05 | | |
$ | 0.03 | | |
$ | 0.17 | | |
| 0.10 | |
The
following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as
they would be antidilutive:
Schedule
of Antidilutive Securities Excluded from Computation of Earnings Per Share
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As of September 30, | |
| | |
2026 | | |
2025 | |
| Shares underlying options outstanding | |
| 1,145,664 | | |
| 1,350,036 | |
| Unvested restricted stock | |
| - | | |
| - | |
|