Net Income Per Common Share

6 Months Ended

Jun. 30, 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 (in thousands).


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
	(Unaudited)			(Unaudited)
Basic weighted average shares outstanding	14,789	16,512	14,907	16,522
Effect of dilutive restricted stock	159	141	119	149
Diluted weighted average shares outstanding	14,948	16,653	15,026	16,671

During the three and six month periods ended June 30, 2020, the Company had 33,329 and 145,427 shares of restricted stock, respectively, excluded from the diluted earnings per share calculation because the effect would have been antidilutive. During the three and six month periods ended June 30, 2019, the Company had 12,774 and 37,738 shares of restricted stock, respectively, that were excluded from the calculation as antidilutive. For both the three and six month periods ended June 30, 2020 there were 51,134 stock options excluded from the calculation as antidilutive. For the three and six month periods ended June 30, 2019 there were no stock options outstanding.