4.	EARNINGS PER COMMON SHARE (“EPS”)

Basic EPS is computed by dividing net income available to common stockholders 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 if all likely aggregate Long-term Incentive Plan (“LTIP”) and Sales Incentive Plan (“SIP”) shares are issued. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award (“RSA”) shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA and SIP shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.

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

	Three Months Ended March 31,
	2020			2019
Net income available to common stockholders	$	8,392		$	11,501
Less: Dividends paid and earnings allocated to participating securities		(67	)		(37	)
Net income allocated to common stockholders	$	8,325		$	11,464
Weighted average common shares outstanding, including participating securities		34,801,479			36,000,140
Less: weighted average participating securities		(269,114	)		(153,793	)
Weighted average common shares outstanding		34,532,365			35,846,347
Basic EPS	$	0.24		$	0.32
Net income allocated to common stockholders	$	8,325		$	11,464
Weighted average common shares outstanding		34,532,365			35,846,347
Weighted average common equivalent shares outstanding		99,600			130,568
Weighted average common and equivalent shares outstanding		34,631,965			35,976,915
Diluted EPS	$	0.24		$	0.32

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 periods ended March 31, 2020 or 2019.

For information about the calculation of expected aggregate LTIP and SIP share payouts, see Note 13.