Net Income Per Common Share

3 Months Ended

Mar. 31, 2020

Basic net income per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share increases the shares used in the per share calculation by the dilutive effects of restricted stock awards. The table below reflects the calculation of the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted net income per common share.



	Three Months Ended March 31,
	2020	2019
	(Unaudited)
Basic weighted average shares outstanding	15,024	16,533
Effect of dilutive restricted stock	92	129
Diluted weighted average shares outstanding	15,116	16,662

Share awards are not included in the computation of diluted net income per share when their effect is anti-dilutive. There were 127,632 and 37,738 anti-dilutive restricted stock awards excluded from the calculation for the three month periods ended March 31, 2020 and 2019, respectively. There were 43,134 anti-dilutive stock options excluded from the calculation of diluted net income per share for the three month period ended March 31, 2020. There were no anti-dilutive stock options excluded from the calculation of diluted net income per common share for the three month period ended March 31, 2019.