Income Per Share of Common Stock

3 Months Ended

Mar. 31, 2022

Income Per Share of Common Stock

Income Per Share of Common Stock

5. Income Per Share of Common Stock

At March 31, 2022, the Company had 30,000,000 shares of common stock authorized and 5,668,123 shares outstanding.

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts):

	Three Months Ended March 31,
	2022		2021
Net income for basic and diluted income per common share	$	8,668	$	7,031
Weighted-average shares for basic income per common share		5,667		5,651
Effect of dilutive securities:
Employee and director stock options(1)		10		13
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,677		5,664
Basic net income per common share	$	1.53	$	1.24
Diluted net income per common share	$	1.53	$	1.24

(1) Excludes 10 and 7 stock options for the three months ended March 31, 2022 and 2021, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period.