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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE | 3 Months Ended
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Mar. 31, 2021
NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE [Abstract] |
NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE | NOTE 9 - NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding, the potentially dilutive effect of employee stock options and restricted stock awards. The following table summarizes the shares used in computing basic and diluted net income per share:
|  | For the Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Weighted average common shares outstanding during the period for Basic computation |  |  | 9,368 |  |  |  | 9,297 |
Dilutive effect of employee stock options and awards |  |  | 39 |  |  |  | 46 |
Weighted average common shares outstanding during the period for Diluted computation |  |  | 9,407 |  |  |  | 9,343 |
For the three months ended March 31, 2021, no shares of restricted stock awards were excluded from the calculations of diluted net income per share. For the three months ended March 31, 2020, no shares of restricted stock awards were excluded from the calculations of diluted net income per share. Due to unrecognized compensation costs, the hypothetical repurchase of shares exceeded the number of restricted shares expected to vest during the period, creating an anti-dilutive effect. For the three months ended March 31, 2021 and March 31, 2020, no shares of stock options were excluded from the calculations of diluted net income per share, as the calculated proceeds from the options’ exercise were lower than the average market price of the Company’s common stock during the period. The Company has 15,000,000 authorized shares of Class A Stock and 1,040,000 authorized shares of Class B Common Stock, or Class B Stock. As of March 31, 2021, 8,502,122 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of March 31, 2020, 8,420,315 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. The par value for both classes is $1.00 per share. Equity per common share was $18.35 and $18.16 at March 31, 2021 and December 31, 2020, respectively. These amounts were computed by dividing common stockholders' equity by the number of shares of common stock outstanding on March 31, 2021 and December 31, 2020, respectively.

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