Note 9 — Earnings Per Share

Earnings per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury. For diluted EPS, weighted-average number of common shares includes the impact of unvested restricted stock under the treasury method.

Unvested restricted stock containing rights to non-forfeitable dividends are considered participating securities prior to vesting and have been included in the earnings allocation in computing basic and diluted EPS under the two-class method.

The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:

There were no anti-dilutive stock options outstanding for the three and nine months ended September 30, 2020 or 2019, respectively.

During the three months ended September 30, 2020, the Company issued 23,937 performance stock units to executive officers from the 2013 Equity Compensation plan fair valued at $231,000 on the grant date of August 5, 2020. These units have a three-year cliff vesting period and include dividend equivalent rights.