Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share

Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the assumed conversion of the Company’s convertible preferred stock and the Company’s stock options, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the three-month period ended March 31, 2018 and 2017 were as follows:



	Three months ended March 31,
	2018		2017
Basic Net Income per Common Share
Available to Common Stockholders:
Net income	$	8,390,000	$	6,264,000
Weighted average common shares outstanding	12,671,017		12,475,728
Basic earnings per common share	$	0.66	$	0.50
Diluted Net Income per Common Share
Available to Common Stockholders:
Net income applicable to diluted earnings per share	$	8,390,000	$	6,264,000
Weighted average common shares outstanding	12,671,017		12,475,728
Dilutive potential common shares:
Assumed conversion of stock options	3,980		9,179
Restricted stock awarded	13,250		836
Assumed conversion of preferred stock	—		—
Dilutive potential common shares	17,230		10,015
Diluted weighted average common shares outstanding	12,688,247		12,485,743
Diluted earnings per common share	$	0.66	$	0.50

There were no shares not considered in computing diluted earnings per share for the three-month periods ended March 31, 2018 and 2017 because they were anti-dilutive.