Earnings Per Share

12 Months Ended

Dec. 31, 2020

Note 2 -- 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 assumed conversion of the Company’s convertible preferred stock and the Company’s stock options and restricted stock awarded, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the years ended December 31, 2020, 2019 and 2018 were as follows:

	2020		2019		2018
Basic Net Income per Common Share Available to Common Stockholders:
Net income available to common stockholders		45,270,000		47,943,000		36,600,000
Weighted average common shares outstanding		16,716,880		16,675,269		14,487,126
Basic earnings per common share	$	2.71	$	2.88	$	2.53
Diluted Net Income per Common Share Available to Common Stockholders:
Net income available to common stockholders	$	45,270,000	$	47,943,000	$	36,600,000
Weighted average common shares outstanding		16,716,880		16,675,269		14,487,126
Dilutive potential common shares:
Assumed conversion of stock options		—		—		209
Restricted stock awarded		45,976		34,207		13,250
Dilutive potential common shares		45,976		34,207		13,459
Diluted weighted average common shares outstanding		16,762,856		16,709,476		14,500,585
Diluted earnings per common share	$	2.70	$	2.87	$	2.52

There were no shares not considered in computing diluted earnings per share for the years ended December 31, 2020, 2019 and 2018.