Years Ended,

December 31,

2021

December 31,

2020

NET INCOME

Net income applicable to common shares for basic earnings per share

$

5,653,298

$

5,839,387

Net Income applicable to common shares for diluted earnings per share

$

5,653,298

$

5,839,387

SHARES OUTSTANDING

Weighted average shares for basic earnings per share

3,405,061

3,319,731

Net effect of dilutive options available under convertible note - based on the treasury stock method using year-end market price, if higher than average market price

-

822

Total shares for diluted earnings per share

3,405,061

3,320,553

Basic Earnings Per Common Share

$

1.66

$

1.76

Diluted Earnings Per Common Share

$

1.66

$

1.76

* Net effect of stock options was antidilutive for the period.