Income Per Share of Common Stock

6 Months Ended

Jun. 30, 2021

Income Per Share of Common Stock

Income Per Share of Common Stock

5. Income Per Share of Common Stock

On April 30, 2021, the shareholders approved an increase in the Company’s number of authorized shares of common stock from 15,000,000 to 30,000,000. At June 30, 2021, the Company had 30,000,000 shares of common stock authorized and 5,658,481 shares outstanding.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income for basic and diluted income per common share	$	11,093	$	6,101	$	18,124	$	11,645
Weighted-average shares for basic income per common share		5,657		5,629		5,654		5,627
Effect of dilutive securities:
Employee and director stock options(1)		12		8		13		9
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,669		5,637		5,667		5,636
Basic net income per common share	$	1.96	$	1.08	$	3.21	$	2.07
Diluted net income per common share	$	1.96	$	1.08	$	3.20	$	2.07

(1) Excludes 15 and 11 stock options for the three- and six-month 2020 periods, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period.