Net Income per Common Share

9 Months Ended

Sep. 30, 2021

Net Income per Common Share [Abstract]

Net Income per Common Share

Note 5 – Net Income per Common Share

Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three and nine months ended September 30, 2021 and 2020, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the three months ended September 30, 2021 and 2020, the weighted average number of outstanding options considered to be anti-dilutive were 1,144 and 0, respectively. For the nine months ended September 30, 2021 and 2020, the weighted average number of outstanding options considered to be anti-dilutive were 7,015 and 0, respectively.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:

	For the Three Months Ended September 30,
	2021					2020
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)
Net income available to common stockholders	$	8,036				$	7,980
Basic earnings per share:
Income available to common stockholders	$	8,036	17,019	$	0.47	$	7,980	17,069	$	0.47
Effect of dilutive securities:
Stock options		-	203				-	-
Diluted earnings per share:
Income available to common stockholders	$	8,036	17,222	$	0.47	$	7,980	17,069	$	0.47

	For the Nine Months Ended September 30,
	2021					2020
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)
Net income available to common stockholders	$	22,637				$	12,545
Basic earnings per share:
Income available to common stockholders	$	22,637	17,085	$	1.33	$	12,545	17,250	$	0.73
Effect of dilutive securities:
Stock options		-	157				-	18
Diluted earnings per share:
Income available to common stockholders	$	22,637	17,242	$	1.31	$	12,545	17,268	$	0.73