Net Income Per Share

12 Months Ended

Sep. 30, 2019

11. Net Income Per Share

Basic and diluted net income per common share was calculated as follows for the years ended September 30, 2019, 2018, and 2017:

	Years Ended September 30,
	2019		2018		2017
	(in thousands, except per share data)
Basic net income per share:
Numerator:
Net income	$	46,383	$	71,956	$	17,710
Denominator:
Weighted average common shares outstanding — basic		19,584		19,255		19,066
Net income per share common share — basic	$	2.37	$	3.74	$	0.93
Diluted net income per share:
Numerator:
Net income	$	46,383	$	71,956	$	17,710
Denominator:
Weighted average common shares outstanding — basic		19,584		19,255		19,066
Dilutive effect of common stock equivalents		1,384		1,395		341
Weighted average common shares outstanding — diluted		20,968		20,650		19,407
Net income per share common share — diluted	$	2.21	$	3.48	$	0.91
Anti-dilutive common stock equivalents excluded from above		843		295		2,161

The impact of certain common stock equivalents were excluded from the computation of diluted net income per common share attributable to common stockholders for the years ended September 30, 2019, 2018, and 2017, because those options had an anti-dilutive impact due to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for those periods.

As of September 30, 2019, 2018, and 2017, the Company excluded unvested performance stock unit awards from the calculation of diluted net income per common share as these awards contain performance conditions that would not have been achieved as of the end of each reporting period had the measurement period ended as of that date.