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EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2020

EARNINGS PER SHARE

EARNINGS PER SHARE

(3) EARNINGS PER SHARE

Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding and the number of dilutive potential common share equivalents during the period, calculated using the treasury-stock method for outstanding stock options.

The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands, except per share data):


		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2020			2019			2020			2019
Basic earnings per share
Net income available to common stockholders		$	1,333		$	2,033		$	7,287		$	6,545
Basic weighted-average shares outstanding			34,486			32,490			33,564			32,350

Basic earnings per share		$	0.04		$	0.06		$	0.22		$	0.20

Diluted earnings per share
Net income available to common stockholders		$	1,333		$	2,033		$	7,287		$	6,545
Weighted-average shares outstanding			34,486			32,490			33,564			32,350
Effect of dilutive securities - options and restricted stock			990			1,586			1,151			1,567
Diluted weighted-average shares outstanding			35,476			34,076			34,715			33,917

Diluted earnings per share		$	0.04		$	0.06		$	0.21		$	0.19

For both the three and nine months ended September 30, 2020, options to purchase 65,000 shares of common stock were excluded from the dilutive stock calculation because their effect would have been anti-dilutive.

For both the three and nine months ended September 30, 2019, options to purchase 0.4 million shares of common stock were excluded from the dilutive stock calculation because their effect would have been anti-dilutive.