NOTE 15

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:

	For the Year
	Ended December 31,
	2019			2018		2017
	(in thousands)

Weighted average common shares outstanding during the period for Basic computation		$	9,277	$	9,239	$	9,175
Dilutive effect of employee stock options			49		54		67
Weighted average common shares outstanding during the period for Diluted computation		$	9,326	$	9,293	$	9,242

For the years ended 2019, 2018 and 2017, 5,390, 3,480 and 3,460 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 years ended 2019, 2018 and 2017, no stock options were excluded from the calculations of diluted net income per share.

Table of Contents

The Company has 15,000,000 authorized shares of Class A Stock, and 1,040,000 authorized shares of Class B Stock. As of December 31, 2019, 8,410,246 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of December 31, 2018, 8,368,428 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of December 31, 2017, 8,333,454 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. For the years ended December 31, 2019, December 31, 2018, and December 31, 2017, the Company issued 41,818, 35,574, and 87,421 shares of Class A Stock, respectively.

Equity per common share was $17.28, $16.53, and $15.98 at December 31, 2019, December 31, 2018, and December 31, 2017, respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on December 31, 2019, December 31, 2018, and December 31, 2017, respectively.