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 months ended March 31, 2018 and 2017:


	For the three months ended
	March 31,
(in thousands)	2018	2017
Weighted average number of shares outstanding used to calculate basic earnings per share	29,982	29,809

Dilutive securities
Unvested restricted shares and restricted share units	1,084	1,541
Stock options	799	656
Weighted average number of shares and share equivalents outstanding used to calculate diluted earnings per share	31,865	32,006

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
	March 31,
(in thousands)	2018	2017
Average options	113	55
Average restricted shares	5	101