Net Income Per Share

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022	2021
Weighted average shares outstanding:
Common shares	13,902,465	16,736,086
Vested restricted stock units	366,053	324,858
Basic number of weighted average shares outstanding	14,268,518	17,060,944
Dilutive effect of restricted stock, restricted stock units and stock options	73,005	38,114
Dilutive number of weighted average shares outstanding	14,341,523	17,099,058

For the three months ended March 31, 2022, there were 45,600 stock options outstanding that were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive. For the three months ended March 31, 2022, 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 months ended March 31, 2021, 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.