Net Income Per Share

9 Months Ended

Sep. 30, 2021

NET INCOME PER SHARE

Basic net income per share has been computed by dividing net income by the basic number of weighted average shares outstanding. Diluted net income per share has been computed by dividing net income by the diluted number of weighted average shares outstanding using the treasury stock method. The share effect is as follows:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2021	2020	2021	2020
Weighted average shares outstanding:
Common shares	15,430,120	17,526,660	16,186,518	17,645,184
Vested restricted stock units	365,843	318,125	356,808	312,747
Basic number of weighted average shares outstanding	15,795,963	17,844,785	16,543,326	17,957,931
Dilutive effect of restricted stock, restricted stock units and stock options	33,203	4,980	16,313	15,160
Dilutive number of weighted average shares outstanding	15,829,166	17,849,765	16,559,639	17,973,091

For the three and nine months ended September 30, 2021, there were 120,217 and 204,557 stock options outstanding, respectively, that were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2021, there were no shares of restricted stock or restricted stock units outstanding that were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2020, there were no stock options, shares of restricted stock, or restricted stock units outstanding that were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive.