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Basic and Diluted Net Income per Share

9 Months Ended

Sep. 30, 2019

Note 3 – Basic and Diluted Net Income per Share

Basic net income per share was computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and restricted stock awards are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.

The following is a reconciliation of the share data used in the basic and diluted income per share computations:

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Basic:
Weighted average shares outstanding		24,791,534		24,900,919		24,879,556		24,756,262

Diluted:
Weighted average shares outstanding		24,791,534		24,900,919		24,879,556		24,756,262
Weighted average effects of dilutive securities		180,091		173,558		182,793		182,437
Total		24,971,625		25,074,477		25,062,349		24,938,699

Antidilutive securities:		283,459		202,750		283,459		202,750

The effect of the inclusion of the antidilutive shares would have resulted in an increase in earnings per share. Accordingly, the weighted average shares outstanding have not been adjusted for antidilutive shares.