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Net Income Per Common Share | 3 Months Ended
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Mar. 31, 2021
Earnings Per Share [Abstract] |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Net income per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed similarly but includes the effect of the assumed exercise of dilutive stock options and restricted stock under the treasury stock method. The Company's restricted shares are entitled to receive dividends and voting rights applicable to the Company's common stock, irrespective of any vesting requirement. Accordingly, the restricted shares are considered a participating security and the Company is required to apply the two-class method to consider the impact of the restricted shares on the calculation of basic and diluted earnings per share. The computation of basic and diluted net income per common share (in thousands, except for per share data) is as follows:
| Three months ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Net income | $ | 3,456 |  |  | $ | 7,961 |  |  |  |  |
Less: net income allocated to participating securities | 204 |  |  | 321 |  |  |  |  |
Net income available to common shareholders | $ | 3,252 |  |  | $ | 7,640 |  |  |  |  |
Weighted average common shares outstanding — basic | 7,985,000 |  |  | 7,882,000 |  |  |  |  |
Effect of dilutive securities | 7,000 |  |  | — |  |  |  |  |
Weighted average common and potentially issuable common shares outstanding — diluted | 7,992,000 |  |  | 7,882,000 |  |  |  |  |
Basic net income per common share | $ | 0.41 |  |  | $ | 0.97 |  |  |  |  |
Diluted net income per common share | $ | 0.41 |  |  | $ | 0.97 |  |  |  |  |
The computation of basic and diluted net income per participating shares is as follows (in thousands, except for per share data):
| Three months ended March 31, |
| 2021 |  | 2020 |
Net income allocated to participating securities | $ | 204 |  |  | $ | 321 |  |
Weighted average participating shares outstanding — basic | 500,000 |  |  | 338,000 |  |
Effect of dilutive securities | — |  |  | — |  |
Weighted average common and potentially issuable common shares outstanding — diluted | 500,000 |  |  | 338,000 |  |
Basic net income per participating share | $ | 0.41 |  |  | $ | 0.97 |  |
Diluted net income per participating share | $ | 0.41 |  |  | $ | 0.97 |  |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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