Earnings Per Share

9 Months Ended

Sep. 30, 2021

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 months ended March 31, 2022 and 2021 were as follows:

	Three months ended March 31,
	2022		2021
Basic net income per common share
Available to common stockholders:
Net income	$	16,616,000	$	4,109,000
Weighted average common shares outstanding		19,295,860		17,299,927
Basic earnings per common share	$	0.86	$	0.24

Diluted net income per common share
Available to common stockholders:
Net income applicable to diluted earnings per share	$	16,616,000	$	4,109,000
Weighted average common shares outstanding		19,295,860		17,299,927
Dilutive potential common shares: restricted stock awarded		62,597		53,020
Diluted weighted average common shares outstanding		19,358,457		17,352,947
Diluted earnings per common share	$	0.86	$	0.24

There were no shares excluded when computing diluted earnings per share for the three months ended March 31, 2022 and 2021 because they were anti-dilutive.