Income Per Share

12 Months Ended

Dec. 31, 2020

Income Per Share

7- Income Per Share

(7) Income Per Share

The following is the computation of basic and diluted income per share:

	Year ended December 31,
	2020		2019		2018
	(In thousands, except per share amounts)
Net Income	$	32,115	$	36,761	$	34,255
Weighted average basic shares outstanding		1,836		1,855		1,853
Add: Effect of dilutive securities		5		8		5
Weighted average diluted shares outstanding		1,841		1,863		1,858
Net Income per share
Basic	$	17.49	$	19.82	$	18.49
Diluted	$	17.44	$	19.73	$	18.44

As required by ASC 260, Earnings per Share, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of basic income per share pursuant to the two-class method.

Incremental shares from stock options and restricted stock units were included in the calculation of weighted average diluted shares outstanding using the treasury stock method. Securities representing six, seven and 501 shares of common stock for the years ended December 31, 2020, 2019 and 2018, respectively, were excluded from the computation of weighted average diluted shares outstanding because their effect would have been anti-dilutive.