Note 8: Earnings Per Common Share

Earnings per common share have been computed as follows (in thousands, except per share data):


	Three Months Ended
	March 31,
	2019		2018
Net income	$	25,469	$	21,917
Shares:
Weighted average common shares outstanding		53,277		48,775
Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method		301		404

Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation		53,578		49,179

Basic earnings per common share	$	0.48	$	0.45

Diluted earnings per common share	$	0.48	$	0.45

Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include deferred stock units that are vested but not delivered.

Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding stock options and warrants were exercised and restricted stock units were vested. At March 31, 2019, 172,571 outstanding restricted stock units, 49,646 outstanding stock options, and 191,278 warrants were anti-dilutive and excluded from the calculation of common stock equivalents. At March 31, 2018, 191,278 warrants were anti-dilutive and excluded from the calculation of common stock equivalents.