Income Per Share of Common Stock

3 Months Ended

Mar. 31, 2021

Income Per Share of Common Stock

Income Per Share of Common Stock

5. Income Per Share of Common Stock

At March 31, 2021, the Company had 15,000,000 shares of common stock authorized and 5,653,336 shares outstanding. On April 30, 2021, shareholders will vote at the Company’s 2021 Annual Meeting of Shareholders on a proposal to increase the number of authorized shares of common stock to 30,000,000.

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

	Three Months Ended March 31,
	2021		2020
Net income for basic and diluted income per common share	$	7,031	$	5,544
Weighted-average shares for basic income per common share		5,651		5,624
Effect of dilutive securities:
Employee and director stock options(1)		13		10
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,664		5,634
Basic net income per common share	$	1.24	$	0.99
Diluted net income per common share	$	1.24	$	0.98

(1) Excludes 0 and 8 stock options for the three months ended March 31, 2021 and 2020, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period.