Earnings Per Share

9 Months Ended

Sep. 30, 2020

Note 2 -- 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 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 and nine months ended September 30, 2020 and 2019 were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Basic Net Income per Common Share
Available to Common Stockholders:
Net income	$	11,565,000	$	11,670,000	$	31,701,000	$	35,967,000
Weighted average common shares outstanding		16,728,191		16,684,395		16,710,485		16,677,932
Basic earnings per common share	$	0.69	$	0.70	$	1.90	$	2.16

Diluted Net Income per Common Share
Available to Common Stockholders:
Net income applicable to diluted earnings per share	$	11,565,000	$	11,670,000	$	31,701,000	$	35,967,000
Weighted average common shares outstanding		16,728,191		16,684,395		16,710,485		16,677,932
Dilutive potential common shares:
Restricted stock awarded		46,908		34,780		46,908		34,780
Dilutive potential common shares		46,908		34,780		46,908		34,780
Diluted weighted average common shares outstanding		16,775,099		16,719,175		16,757,393		16,712,712
Diluted earnings per common share	$	0.69	$	0.70	$	1.89	$	2.15

There were no shares excluded when computing diluted earnings per share for the three and nine months ended September 30, 2020 and 2019 because they were anti-dilutive.