5.	EARNINGS PER SHARE (“EPS”)

Basic EPS is computed by dividing net income by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock, and likely aggregate Long-term Incentive Plan (“LTIP”) share payout. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares, and (until the period ended September 30, 2016) unallocated ESOP shares, are excluded. Vested RSA shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA shares and LTIP shares not yet awarded are recognized as a special class of participating securities under ASC 260.

The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Net income per the Consolidated Statements of Income	$	13,313		$	10,537		$	36,459		$	71,782
Less: Dividends paid and earnings allocated to participating securities		(34	)		(26	)		(97	)		(85	)
Income attributable to common stock	$	13,279		$	10,511		$	36,362		$	71,697
Weighted average common shares outstanding, including participating securities		37,528,933			36,910,594			37,627,568			36,904,324
Less: weighted average participating securities		(162,074	)		(168,767	)		(169,797	)		(209,152	)
Weighted average common shares outstanding		37,366,859			36,741,827			37,457,771			36,695,172
Basic EPS	$	0.36		$	0.29		$	0.97		$	1.95
Income attributable to common stock	$	13,279		$	10,511		$	36,362		$	71,697
Weighted average common shares outstanding		37,366,859			36,741,827			37,457,771			36,695,172
Weighted average common equivalent shares outstanding		74,996			46,480			79,045			61,446
Weighted average common and equivalent shares outstanding		37,441,855			36,788,307			37,536,816			36,756,618
Diluted EPS	$	0.35		$	0.29		$	0.97		$	1.95

Common and equivalent shares resulting from the dilutive effect of “in-the-money” outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period.

There were no “out-of-the-money” stock options during the three-month or nine-month periods ended September 30, 2017. There were 79,783 and 79,927 weighted-average stock options outstanding for the three-month and nine-month periods ended September 30, 2016, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.

For information about the calculation of expected aggregate LTIP share payout, see Note 6.