Income Per Share of Common Stock (Tables)

9 Months Ended

Sep. 30, 2021

Income Per Share of Common Stock

Schedule of computation of basic and diluted income per common share

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.