Earnings Per Share

Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the Company’s stock options, unless anti-dilutive. The components of basic and diluted net income per common share available to common stockholders for the three-month period ended March 31, 2020 and 2019 were as follows:



	Three months ended March 31,
	2020		2019
Basic Net Income per Common Share
Available to Common Stockholders:
Net income	$	9,999,000	$	13,316,000
Weighted average common shares outstanding	16,693,183		16,665,999
Basic earnings per common share	$	0.60	$	0.80

Diluted Net Income per Common Share
Available to Common Stockholders:
Net income applicable to diluted earnings per share	$	9,999,000	$	13,316,000
Weighted average common shares outstanding	16,693,183		16,665,999
Dilutive potential common shares:
Restricted stock awarded	46,908		38,780
Dilutive potential common shares	46,908		38,780
Diluted weighted average common shares outstanding	16,740,091		16,704,779
Diluted earnings per common share	$	0.60	$	0.80

There were no shares not considered in computing diluted earnings per share for the three-month periods ended March 31, 2020 and 2019 because they were anti-dilutive.