Computation of Earnings Per Share

12 Months Ended

Dec. 31, 2017

5. Computation of Earnings Per Share

The calculation of basic earnings per common share and diluted earnings per common share is as follows (in thousands except per share amounts):

	For The Years Ended December 31,
	2017		2016		2015
Numerator:
Net income	$	91,156	$	48,024	$	55,016
Denominator:
Denominator for basic earnings per share–weighted average common shares		25,518		25,038		24,919
Effect of dilutive stock options and restricted stock		142		51		93
Effect of other common stock equivalents		426		591		459
Denominator for diluted earnings per share–adjusted weighted average common shares		26,086		25,680		25,471

Basic Earnings Per Share	$	3.57	$	1.92	$	2.21

Diluted Earnings Per Share	$	3.49	$	1.87	$	2.16

In 2017 and 2016, options and restricted stock for 61,364 and 402,770 shares of common stock, respectively, were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.