Table:
|  | For Fiscal Years |  |
| --- | --- | --- |
|  | 2019 Basic | 2018 Basic |
| Weighted average common shares outstanding | 597,961 | 660,925 |
| Net income available to common shareholders | $3,202,943 | $3,614,610 |
| Net earnings per share available to common shareholders | $5.36 | $5.47 |
Paragraphs:
3. EARNINGS PER SHARE:
Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive equity awards.
Question:
How is basic earnings per share available to common shareholders calculated?
Answer: dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period.