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Net Income Per Common Share
 3 Months Ended
Mar. 31, 2024
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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2024

    

2023

    

Denominator:

 

 

  

 

  

 

Basic weighted average shares outstanding

 

 

29,459

 

30,461

 

Effect of dilutive stock options and restricted stock

 

 

180

 

177

 

Diluted weighted average shares outstanding

 

 

29,639

 

30,638

 

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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, 2024 and 2023, approximately 78 and 100, 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.