Income Per Share of Common Stock

9 Months Ended

Sep. 30, 2019

Income Per Share of Common Stock

Income Per Share of Common Stock

5.    Income Per Share of Common Stock

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income for basic and diluted income per common share	$	9,902	$	4,554	$	21,063	$	15,454
Weighted-average shares for basic income per common share		5,613		5,598		5,612		5,595
Effect of dilutive securities:
Employee and director stock options(1)		9		8		8		7
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,622		5,606		5,620		5,602
Basic net income per common share	$	1.76	$	0.81	$	3.75	$	2.76
Diluted net income per common share	$	1.76	$	0.81	$	3.75	$	2.76

⁽¹⁾ Excludes 0 and 9 stock options for the three- and nine-month 2019 periods and 2 and 7 stock options for the three- and nine-month 2018 periods, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period.