Earnings Per Share

The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
(In thousands, except per share amounts)	2017			2016			2015
NUMERATOR
Net income	$	72,081		$	56,609		$	51,763
Preferred stock dividends	(3,656		)	(4,875		)	(4,875		)
Excess of fair value over book value of preferred shares redeemed	(2,257		)	—			—
Net income available to common shareholders	66,168			51,734			46,888
Interest on 3.25% convertible senior subordinated notes due 2017	1,106			1,520			1,499
Interest on 3.00% convertible senior subordinated notes due 2018	2,113			2,050			2,021
Diluted income available to common shareholders	$	69,387		$	55,304		$	50,408
DENOMINATOR
Basic weighted average shares outstanding	25,769			24,666			24,575
Effect of dilutive securities:
Stock option awards	342			216			237
Deferred compensation awards	221			149			150
3.25% convertible senior subordinated notes due 2017	1,687			2,416			2,416
3.00% convertible senior subordinated notes due 2018	2,669			2,669			2,669
Diluted weighted average shares outstanding - adjusted for assumed conversions	30,688			30,116			30,047
Earnings per common share
Basic	$	2.57		$	2.10		$	1.91
Diluted	$	2.26		$	1.84		$	1.68
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share	23			1,273			1,447

On October 16, 2017, the Company redeemed all 2,000 of its outstanding Series A Preferred Shares and recognized a $2.3 million non-cash equity charge related to the excess of fair value over carrying value relating primarily to the original issuance costs that were paid in 2007, which reduced net income to common shareholders in the earnings per share calculation above for the year ended December 31, 2017. Please see Note 11 and Note 12 to our Consolidated Financial Statements for additional details.

The Company declared and paid a quarterly cash dividend of $609.375 per share on its then outstanding Series A Preferred Shares in the first three quarters of 2017 and in each quarter of 2016 and 2015, for aggregate dividend payments on the Series A Preferred Shares of $3.7 million for the year ended December 31, 2017, and $4.9 million for both the years ended December 31, 2016 and 2015.

For the years ended December 31, 2017, 2016 and 2015, the effect of our convertible debt outstanding was included in the diluted earnings per share calculations.