Net Income per Share

3 Months Ended

Mar. 31, 2022

Net Income per Share

Net Income per Share

NOTE 3. Net Income per Share

Basic net income per common share is calculated as net income divided by the weighted average common shares outstanding during the reporting period.

Diluted net income per common share is computed similarly to that of basic net income per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares, principally stock options, were issued during the reporting period utilizing the Treasury stock method.

The following is a reconciliation of the calculation of basic and diluted income per share:

	For the three months ended March 31,
(In thousands, except per share amounts)	2022		2021
Net income	$	9,108	$	8,496
Weighted average common shares outstanding - Basic		10,446		10,437
Plus: Potential dilutive common stock equivalents		218		128
Weighted average common shares outstanding - Diluted		10,664		10,565
Net income per common share - Basic	$	0.87	$	0.81
Net income per common share - Diluted		0.85		0.80
Stock options and common stock excluded from the income per share calculation as their effect would have been anti-dilutive		—		154