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Earnings per share
 3 Months Ended
Mar. 31, 2021
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 months ended March 31, 2021 and 2020:

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2021

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2020

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For the Three Months Ended March 31 

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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

    

$

9,478

    

$

9,478

    

$

5,281

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$

5,281

    

Average common shares outstanding

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7,210,952

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7,246,016

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7,379,438

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7,405,703

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Earnings per share

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$

1.31

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$

1.31

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$

0.72

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$

0.71

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