Weighted Average Shares Outstanding

Net income per common share is computed in accordance with accounting standards related to earnings per share. Basic earnings per share is calculated using the weighted-average number of common shares outstanding during the year. Share-based payment awards that entitle their holders to receive nonforfeitable dividends before vesting should be considered participating securities and, as such, should be included in the calculation of basic earnings per share. The Company’s restricted stock unit awards which contain nonforfeitable rights to dividends are considered participating securities. Diluted earnings per share reflects the assumed exercise and conversion of all dilutive securities. Shares held by the Retirement Savings Plan are considered outstanding for both basic and diluted earnings per share. There are no adjustments to net income for purposes of computing income available to common stockholders for the years ended December 31, 2018, 2017 and 2016. A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows:



	Weighted-Average Common Shares Outstanding
	2018	2017	2016
Basic	52,304,190	54,073,407	54,191,013
Dilutive effect of:
Stock options	260,240	258,052	166,986
Performance share awards	267,176	273,839	273,314
Diluted	52,831,606	54,605,298	54,631,313

The calculation of weighted-average diluted shares outstanding excludes all anti-dilutive shares. During 2018, 2017 and 2016, the Company excluded 127,562, 46,450 and 262,336 stock awards, respectively, from the calculation of diluted weighted-average shares outstanding as the stock awards were considered anti-dilutive.