NOTE 8 - NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding, the potentially dilutive effect of employee stock options and restricted stock awards.

The following table summarizes the shares used in computing basic and diluted net income per share:

	Three Months Ended March 31,
	2019	2018
	(in thousands)

Weighted average common shares outstanding during the period for Basic computation	9,258	9,223
Dilutive effect of employee stock options and awards	56	58

Weighted average common shares outstanding during the period for Diluted computation	9,314	9,281

For the three months ended March 31, 2019 and March 31, 2018, no shares of restricted stock awards were excluded from the calculations of diluted net income per share, respectively. Due to unrecognized compensation costs, the hypothetical repurchase of shares exceeded the number of restricted shares expected to vest during the period, creating an anti-dilutive effect. For the three months ended March 31, 2019 and March 31, 2018, no shares of stock options were excluded from the calculations of diluted net income per share, as the calculated proceeds from the options’ exercise were lower than the average market price of the Company’s common stock during the period.

The Company has 15,000,000 authorized shares of Class A Stock and 1,040,000 authorized shares of Class B Common Stock, or Class B Stock. As of March 31, 2019, 8,386,822 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of March 31, 2018, 8,348,243 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. The par value for both classes is $1.00 per share. During the three months ended March 31, 2019 and March 31, 2018, the Company issued 17,794 and 14,789 shares of Class A Stock, respectively.

Equity per common share was $16.75 and $16.53 at March 31, 2019 and December 31, 2018, respectively. These amounts were computed by dividing common stockholders' equity by the number of shares of common stock outstanding on March 31, 2019 and December 31, 2018, respectively.