The computation of basic and diluted net income (loss) per common share for the years ended December 31, 2019, 2018 and 2017 is as follows:

For the years ended December 31,	2019		2018		2017
(dollars in thousands, except per share amounts)
Numerator:
Net income	$	4,275	$	10,662	$	7,610

Denominator:
Weighted average number of shares of common stock outstanding		8,778,753		8,132,632		7,225,697
Weighted average effect of dilutive share-based compensation		94,966		215,060		149,108
Diluted weighted average number of shares of common stock outstanding		8,873,719		8,347,692		7,374,805

Net income per common share:
Basic earnings per share	$	0.49	$	1.31	$	1.05
Diluted earnings per share	$	0.48	$	1.28	$	1.03

On May 25, 2018, the Company completed an underwritten, public offering involving the issuance and sale by the Company of 1,224,490 shares of common stock at a public offering price of $24.50 per share. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 183,673 shares of common stock. On June 1, 2018, the underwriters exercised the option in full, and an additional 183,673 shares of common stock were issued and sold on June 5, 2018. The public offering resulted in gross proceeds to the Company of approximately $34.5 million, or $32.2 million net of the underwriting discount and other offering fees and expenses. We used the net proceeds from the public offering to repay amounts outstanding under the Company’s revolving credit facility. The public offering’s impact on the weighted average number of shares for the year ended December 31, 2018 was 0.8 million shares.

There were 593,975, 323,250, and 590,350 options to purchase shares of common stock, at an average price of $26.91, $32.36, and $30.63 for the years ended December 31, 2019, 2018 and 2017, respectively, that were not included in the computation of diluted net income per common share because their respective exercise prices were greater than the average market price of our common stock.

An adjustment for interest expense on convertible notes was excluded from the income per share calculation for the years ended December 31, 2017 as it would have been antidilutive.

The calculations of diluted earnings per share for the year ended December 31, 2017 exclude 268,351 shares for the assumed conversion of the Notes as inclusion would have been antidilutive.