Net Income Per Share

Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per share includes the dilutive effect of both outstanding stock options and restricted stock, if any, calculated using the treasury stock method. Assumed proceeds from in-the-money awards are calculated under the “as-if” method as prescribed by ASC 718, Compensation—Stock Compensation. The following table provides our basic and diluted net income per share for the three and six months ended March 31, 2018 and 2017 (dollars in thousands except share data):



	Three Months Ended March 31,				Six Months Ended March 31,
	2018		2017		2018		2017
Net income	$	15,000	$	17,442	$	14,626	$	30,549
Basic weighted average shares outstanding	99,136,015		98,709,557		99,116,250		98,512,601
Dilutive effect of stock options and restricted stock	383,910		308,429		325,135		387,836
Dilutive weighted average shares outstanding	$	99,519,925	$	99,017,986	$	99,441,385	$	98,900,437
Basic net income per share	$	0.15	$	0.18	$	0.15	$	0.31
Diluted net income per share	$	0.15	$	0.18	$	0.15	$	0.31

For the three months ended March 31, 2018 and 2017, respectively, 2,337,503 and 2,754,963 shares of common stock equivalents were not included in the diluted calculation due to their anti-dilutive effect. For the six months ended March 31, 2018 and 2017, respectively, 3,115,284 and 2,181,968 shares of common stock equivalents were not included in the diluted calculation due to their anti-dilutive effect.