Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three months ended March 31, 2020 and 2019, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the three months ended March 31, 2020 and 2019 the weighted average number of outstanding options considered to be anti-dilutive were 687 and 21,026 respectively. At March 31, 2020, the Company has 6,465 shares of its Series F 6% noncumulative perpetual preferred stock (“Series F shares”) issued and outstanding, which are convertible into the Company’s common stock. The conversion of Series F shares to common shares was not included in the computation of diluted earnings per share as they would be anti-dilutive.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:



	For the Three Months Ended March 31,
	2020					2019
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)

Net income available to common stockholders	$	2,179				$	5,134

Basic earnings per share-
Income available to
Common stockholders	$	2,179	17,502	$	0.12	$	5,134	16,078	$	0.32


Effect of dilutive securities:
Stock options		-	49				-	33

Diluted earnings per share-
Income available to
Common stockholders	$	2,179	17,551	$	0.12	$	5,134	16,111	$	0.32