EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2021

EARNINGS PER SHARE

EARNINGS PER SHARE

(3)   EARNINGS PER SHARE

Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding and the number of dilutive potential common share equivalents during the period, calculated using the treasury-stock method for outstanding stock options.

The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands, except per share data):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Basic earnings per share
Net income available to common stockholders	$	6,107	$	1,333	$	8,209	$	7,287
Basic weighted-average shares outstanding		34,768		34,486		34,805		33,564
Basic earnings per share	$	0.18	$	0.04	$	0.24	$	0.22
Diluted earnings per share
Net income available to common stockholders	$	6,107	$	1,333	$	8,209	$	7,287
Weighted-average shares outstanding		34,768		34,486		34,805		33,564
Effect of dilutive securities - options and restricted stock		725		990		778		1,151
Diluted weighted-average shares outstanding		35,493		35,476		35,583		34,715
Diluted earnings per share	$	0.17	$	0.04	$	0.23	$	0.21

For both the three and nine months ended September 30, 2021, options to purchase 0.2 million shares of common stock were excluded from the dilutive stock calculation because their effect would have been anti-dilutive.

For both the three and nine months ended September 30, 2020, options to purchase 0.1 million shares of common stock were excluded from the dilutive stock calculation because their effect would have been anti-dilutive.