Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings per Share

Note 5 –Earnings Per Share

Basic earnings per share are computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. The Company’s diluted earnings per share give effect to all potential shares of Common Stock outstanding during a period that do not have an anti-dilutive impact to the calculation. In computing the diluted earnings per share, the treasury stock method is used in determining the number of shares assumed to be issued from the exercise of Common Stock equivalents.

The following table illustrates earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income	$	24,146	$	15,887	$	25,697	$	27,052
Basic weighted average shares of Common Stock outstanding		32,623,532		32,838,636		32,631,423		33,282,584
Dilutive effect of stock options, restricted stock awards and restricted stock units		334,907		94,043		292,590		135,971
Diluted weighted average shares of Common Stock outstanding		32,958,439		32,932,679		32,924,013		33,418,555
Basic earnings per share	$	0.74	$	0.48	$	0.79	$	0.81
Diluted earnings per share	$	0.73	$	0.48	$	0.78	$	0.81

The following table represents Common Stock issuable upon the exercise of certain stock options that have been excluded from the diluted earnings calculation because the effect of their inclusion would be anti-dilutive.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Anti-dilutive securities share impact		12,000		441,435		179,500		441,435