Earnings Per Share

Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the Company’s stock options, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the three and nine-month period ended September 30, 2018 and 2017 were as follows:



	Three months ended September 30,				Nine months ended September 30,
	2018		2017		2018		2017
Basic Net Income per Common Share
Available to Common Stockholders:
Net income	$	8,234,000	$	7,595,000	$	26,661,000	$	22,059,000
Weighted average common shares outstanding	15,290,539		12,528,674		13,982,339		12,498,913
Basic earnings per common share	$	0.54	$	0.61	$	1.91	$	1.76
Diluted Net Income per Common Share
Available to Common Stockholders:
Net income applicable to diluted earnings per share	8,234,000		7,595,000		$	26,661,000	$	22,059,000
Weighted average common shares outstanding	15,290,539		12,528,674		13,982,339		12,498,913
Dilutive potential common shares:
Assumed conversion of stock options	2,429		6,299		3,570		6,827
Restricted stock awarded	13,250		836		13,250		836
Dilutive potential common shares	15,679		7,135		16,820		7,663
Diluted weighted average common shares outstanding	15,306,218		12,535,809		13,999,159		12,506,576
Diluted earnings per common share	$	0.54	$	0.61	$	1.90	$	1.76

There were no shares not considered in computing diluted earnings per share for the three and nine-month periods ended September 30, 2018 and 2017 because they were anti-dilutive.