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Earnings per share
 9 Months Ended
Sep. 30, 2020
Earnings per share  
Earnings per share

3. Earnings per share:

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Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance.

The following table presents the calculation of both basic and diluted earnings per share of common stock for the three and nine months ended September 30, 2020 and 2019:

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2020

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2019

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For the Three Months Ended September 30, 

    

Basic  

    

Diluted  

    

Basic  

    

Diluted  

 

Net income

    

$

8,312

    

$

8,312

    

$

7,148

    

$

7,148

    

Average common shares outstanding

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7,277,189

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7,312,253

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7,394,992

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7,417,403

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Earnings per share

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$

1.14

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$

1.14

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$

0.97

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$

0.96

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2020

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2019

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For the Nine Months Ended September 30

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Basic  

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Diluted  

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Basic  

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Diluted  

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Net income

    

$

21,169

    

$

21,169

    

$

20,704

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$

20,704

    

Average common shares outstanding

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7,332,539

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7,364,693

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7,397,768

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7,412,865

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Earnings per share

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$

2.89

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$

2.87

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$

2.80

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$

2.79

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