Note 14 Earnings Per Share

The Company calculates earnings per share under the two-class method, as certain non-vested share awards contain non-forfeitable rights to dividends. As such, these awards are considered securities that participate in the earnings of the Company. Non-vested shares are discussed further in note 12.

The Company had 30,958,581 and 30,479,969 shares of Class A common stock outstanding as of March 31, 2019 and 2018, respectively, exclusive of issued non-vested restricted shares. Certain stock options and non-vested restricted shares are potentially dilutive securities, but are not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive for the three months ended March 31, 2019 and 2018.

The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2019 and 2018:


	For the three months ended
	March 31, 2019		March 31, 2018
Net income	$	18,922	$	8,464
Less: income allocated to participating securities		(18)		(13)
Income allocated to common shareholders	$	18,904	$	8,451
Weighted average shares outstanding for basic earnings per common share		30,961,187		30,493,689
Dilutive effect of equity awards		536,351		649,839
Weighted average shares outstanding for diluted earnings per common share		31,497,538		31,143,528
Basic earnings per share	$	0.61	$	0.28
Diluted earnings per share	$	0.60	$	0.27

The Company had 1,110,984 and 1,516,044 outstanding stock options to purchase common stock at weighted average exercise prices of $22.28 and $21.89 per share at March 31, 2019 and 2018, respectively, which have time-vesting criteria, and as such, any dilution is derived only for the time frame in which the vesting criteria had been met and where the inclusion of those stock options is dilutive. The Company had 207,372 and 418,638 unvested restricted shares and units issued as of March 31, 2019 and 2018, respectively, which have performance, market and/or time-vesting criteria, and as such, any dilution is derived only for the time frame in which the vesting criteria had been met and where the inclusion of those restricted shares and units is dilutive.