Net Income Per Common Share

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested and outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:



	Three Months Ended
	March 31,
	2019		2018
Basic
Net income applicable to common stock	$	45,110	$	33,826
Average common shares outstanding	58,585,517		49,356,417
Net income per common share - basic	$	0.77	$	0.69
Diluted
Net income applicable to common stock	$	45,110	$	33,826
Average common shares outstanding	58,585,517		49,356,417
Effect of dilutive stock-based compensation	145,018		146,533
Average common shares outstanding - diluted	58,730,535		49,502,950
Net income per common share - diluted	$	0.77	$	0.68

Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:



	Three Months Ended
	March 31,
	2019	2018
Number of shares	27,740	—
Exercise prices (for stock option awards)	—	—