Income Per Share of Common Stock

9 Months Ended

Sep. 30, 2020

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,
	2020		2019		2020		2019
Net income for basic and diluted income per common share	$	9,324	$	9,902	$	20,969	$	21,063
Weighted-average shares for basic income per common share		5,630		5,613		5,628		5,612
Effect of dilutive securities:
Employee and director stock options(1)		11		9		10		8
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,641		5,622		5,637		5,620
Basic net income per common share	$	1.66	$	1.76	$	3.73	$	3.75
Diluted net income per common share	$	1.65	$	1.76	$	3.72	$	3.75

(1) Excludes 0 and 7 stock options for the three- and nine-month 2020 periods, and 0 and 9 stock options for the three- and nine-month 2019 periods, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period.