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Basic and Diluted Net Income per Share

12 Months Ended

Dec. 31, 2019

Note 13 - 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 plus unrecognized stock-based compensation obtained thereby were used by the Company 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:

	Year ended December 31,
	2019		2018
Basic:
Weighted average shares outstanding		24,850,409		24,825,933

Diluted:
Weighted average shares outstanding		24,850,409		24,825,933
Weighted average effects of dilutive securities		176,838		163,524
Total		25,027,247		24,989,457

Antidilutive securities:		283,459		270,700

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.