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Net Income Per Common Share
 3 Months Ended
Mar. 31, 2023
Net Income Per Common Share  
Net Income Per Common Share

4. Net Income Per Common 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 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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Three Months Ended

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March 31, 

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2023

    

2022

    

Denominator:

 

  

 

  

 

Basic weighted average shares outstanding

 

30,461

 

34,806

 

Effect of dilutive stock options and restricted stock

 

177

 

95

 

Diluted weighted average shares outstanding

 

30,638

 

34,901

 

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Diluted weighted average shares outstanding excludes the incremental effect of unvested restricted stock in accordance with the treasury stock method. For the three-month periods ended March 31, 2023 and 2022, approximately 100 and 206, 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 restricted stock awards could be dilutive in the future.