Income Per Share of Common Stock

9 Months Ended

Sep. 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 September 30, 2021, the Company had 30,000,000 shares of common stock authorized and 5,658,467 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income for basic and diluted income per common share	$	11,308	$	9,324	$	29,432	$	20,969
Weighted-average shares for basic income per common share		5,658		5,630		5,656		5,628
Effect of dilutive securities:
Employee and director stock options(1)		13		11		12		10
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,671		5,641		5,668		5,638
Basic net income per common share	$	2.00	$	1.66	$	5.20	$	3.73
Diluted net income per common share	$	1.99	$	1.65	$	5.19	$	3.72

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