Earnings per share

12 Months Ended

Dec. 31, 2020

Earnings per Share

The table below presents the increase in average shares outstanding, using the treasury stock method, for the diluted earnings per share calculation for the years indicated:


	2020	2019	2018
Basic weighted average common shares outstanding	11,897,813	11,789,570	11,679,520
Dilutive shares	21,695	40,248	70,942
Diluted weighted average common shares outstanding	11,919,508	11,829,818	11,750,462

There were 75,870, 52,219 and 29,260 stock options outstanding at December 31, 2020, December 31, 2019, and December 31, 2018, respectively, that were determined to be anti-dilutive and therefore excluded from the calculation of dilutive shares for the years ended December 31, 2020, 2019, and 2018. These stock options, which were not dilutive at that date, may potentially dilute earnings per share in the future.

See Note 12, "Stockholders' Equity," to the Company's consolidated financial statements of this Form 10-K, contained above, under the caption "Shares authorized and share issuance," for information regarding the Company's participating securities and see Item (t), "Earnings per Share," contained in Note 1, "Summary of Significant Accounting Policies," to the Company's consolidated financial statements of this Form 10-K, contained above, for additional information regarding the earnings per share calculation.