Earnings Per Share

9 Months Ended

Sep. 30, 2021

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 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 months ended September 30, 2021 and 2020 were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Basic net income per common share
Available to common stockholders:
Net income	$	18,326,000	$	11,565,000	$	34,656,000	$	31,701,000
Weighted average common shares outstanding		18,083,126		16,728,191		17,819,619		16,710,485
Basic earnings per common share	$	1.01	$	0.69	$	1.94	$	1.90

Diluted net income per common share
Available to common stockholders:
Net income applicable to diluted earnings per share	$	18,326,000	$	11,565,000	$	34,656,000	$	31,701,000
Weighted average common shares outstanding		18,083,126		16,728,191		17,819,619		16,710,485
Dilutive potential common shares: restricted stock awarded		53,020		46,908		53,020		46,908
Diluted weighted average common shares outstanding		18,136,146		16,775,099		17,872,639		16,757,393
Diluted earnings per common share	$	1.01	$	0.69	$	1.94	$	1.89

There were no shares excluded when computing diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 because they were anti-dilutive.