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Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Earnings per share  
Earnings per share

13. Earnings Per Share

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the assumed conversion of all potentially dilutive securities, consisting of stock options and restricted stock awards, for which the estimated fair value exceeds the exercise price, less shares which could have been purchased with the related proceeds, unless anti-dilutive. For employee equity awards, repurchased shares are also included for any unearned compensation adjusted for tax. The table below reflects the calculation of the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted earnings per common share.

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Year Ended December 31,

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2021

    

2020

    

2019

 

Denominator:

 

  

 

  

 

  

 

Basic weighted average shares outstanding

 

43,835

 

46,880

 

47,814

 

Effect of dilutive stock options and restricted stock

 

123

 

285

 

452

 

Diluted weighted average shares outstanding

 

43,958

 

47,165

 

48,266

 

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Diluted weighted average shares outstanding excludes the incremental effect of unvested restricted stock and shares that would be issued upon the assumed exercise of stock options in accordance with the treasury stock method. For each of the years ended December 31, 2021, 2020 and 2019, approximately 79, 142, and 1, respectively, of the Company’s restricted stock awards outstanding were excluded from the calculation of diluted earnings per share as their inclusion would have been anti-dilutive. These options and restricted stock awards could be dilutive in the future.