NOTE 11—EARNINGS PER SHARE

The following weighted average shares and share equivalents are used to calculate basic and diluted earnings per share for the three and nine months ended September 30, 2017 and 2016:


	For the three months ended		For the nine months ended
	September 30,		September 30,
(in thousands)	2017	2016	2017	2016
Weighted average number of shares outstanding used to calculate basic earnings per share	30,085	29,374	30,009	29,417

Dilutive securities
Unvested restricted shares and restricted share units	1,404	1,068	1,394	1,024
Stock options	823	351	767	302
Weighted average number of shares and share equivalents outstanding used to calculate diluted earnings per share	32,312	30,793	32,170	30,743

The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury method includes the unrecognized compensation costs associated with the awards. The following table presents any average outstanding options to purchase shares of common stock and average restricted shares that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive (the exercise price of the options or the grant date market price of the restricted shares was greater than the average market price of the Company’s shares during the periods presented).


	For the three months ended		For the nine months ended
	September 30,		September 30,
(in thousands)	2017	2016	2017	2016
Average options	113	207	94	172
Average restricted shares	3	—	5	211