16. EARNINGS PER SHARE

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260‑10‑45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing EPS. The RSAs and certain RSUs granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

The following table presents the computation of EPS for the years ended December 31, 2018, 2017 and 2016:


	Year Ended December 31,
(In thousands, except per share data)	2018		2017		2016
Net income	$	39,227	$	20,539	$	35,491
Dividends paid on and earnings allocated to participating securities		(853)		(415)		(732)
Income attributable to common stock	$	38,374	$	20,124	$	34,759

Weighted average common shares outstanding, including participating securities		19,875		19,759		17,670
Weighted average participating securities		(434)		(404)		(366)
Weighted average common shares outstanding		19,441		19,355		17,304
Basic earnings per common share	$	1.97	$	1.04	$	2.01

Income attributable to common stock	$	38,374	$	20,124	$	34,759
Impact of assumed conversions - interest on 8.5% trust preferred securities		—		—		878
Income attributable to common stock including assumed conversions	$	38,374	$	20,124	$	35,637

Weighted average common shares outstanding		19,441		19,355		17,304
Incremental shares from assumed conversions of options and restricted stock units		27		24		13
Incremental shares from assumed conversions of 8.5% trust preferred securities		—		—		534
Weighted average common and equivalent shares outstanding		19,468		19,379		17,851
Diluted earnings per common share	$	1.97	$	1.04	$	2.00

There were 47,393 stock options outstanding at December 31, 2018 that were not included in the computation of diluted earnings per share for the year ended December 31, 2018 because the options’ exercise prices were greater than the average market price of common stock and were, therefore, antidilutive. There were no stock options outstanding for the year ended December 31, 2017. There were no stock options that were antidilutive at December 31, 2016.

There were 3,156 RSUs that were antidilutive for the year ended December 31, 2018 and no RSUs that were antidilutive for the years ended December 31, 2017 and 2016.

The assumed conversion of the TPS was antidilutive for the year ended December 31, 2017, and therefore was not included in the computation of diluted earnings per share during that year. The assumed conversion of the TPS was dilutive for the year ended December 31, 2016, and therefore was included in the computation of diluted earnings per share during that year.