Income Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Income Per Common Share

NOTE 17 - INCOME PER COMMON SHARE

Basic net income per common share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration for common stock equivalents.

Diluted net income per common share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. Potential common stock is included in the diluted income per common share calculation when dilutive. The dilutive

effect of outstanding restricted stock awards after application of the treasury stock method was 219 thousand and 188 thousand shares for the three and nine months ended September 30, 2020, respectively, and 92 thousand and 98 thousand for the three and nine months ended September 30, 2019, respectively. Approximately 500 shares of potential common stock was not included in the calculation of diluted net income per common share for the nine months ended September 30, 2020 because the effect would have been anti-dilutive.