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Earnings Per Share
6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

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 six months ended June 30, 2021 and 2020 were as follows:

  

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Basic net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

12,221,000

 

 

$

10,137,000

 

 

$

16,330,000

 

 

$

20,136,000

 

Weighted average common shares outstanding

 

 

18,067,190

 

 

 

16,709,886

 

 

 

17,685,679

 

 

 

16,701,536

 

Basic earnings per common share

 

$

0.68

 

 

$

0.61

 

 

$

0.92

 

 

$

1.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to diluted earnings per share

 

$

12,221,000

 

 

$

10,137,000

 

 

$

16,330,000

 

 

$

20,136,000

 

Weighted average common shares outstanding

 

 

18,067,190

 

 

 

16,709,886

 

 

 

17,685,679

 

 

 

16,701,536

 

Dilutive potential common shares: restricted stock awarded

 

 

53,020

 

 

 

46,908

 

 

 

53,020

 

 

 

46,908

 

Diluted weighted average common shares outstanding

 

 

18,120,210

 

 

 

16,756,794

 

 

 

17,738,699

 

 

 

16,748,444

 

Diluted earnings per common share

 

$

0.68

 

 

$

0.60

 

 

$

0.92

 

 

$

1.20

 

16

 

 

 

There were no shares excluded when computing diluted earnings per share for the three and six months ended June 30, 2021 and 2020 because they were anti-dilutive.