Basic and Diluted Earnings per Share

12 Months Ended

Dec. 31, 2018

(10) Basic and Diluted Earnings per Share

Potential shares of common stock are included in the diluted earnings per share calculation when dilutive. Potential shares of common stock, consisting of common stock issuable upon exercise of outstanding stock options, are calculated using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data) for the periods indicated:

	Years Ended December 31,
	2018		2017		2016
			(as adjusted)		(as adjusted)
Numerator:
Net income	$	22,501	$	18,195	$	92,239

Denominator:
Weighted average common shares of class A common stock		9,340		9,409		9,390
Weighted average common shares of class B common stock		2,035		2,035		2,035
Total weighted average common stock shares outstanding		11,375		11,444		11,425
Effect of dilutive securities:
Employee stock options		37		103		91
Adjusted weighted average shares		11,412		11,547		11,516

Earnings per share:
Basic earnings per share	$	1.98	$	1.59	$	8.07
Diluted earnings per share	$	1.97	$	1.58	$	8.01

For the years ended December 31, 2018, 2017, and 2016, stock options issued under the 2013 Equity Plan to purchase a weighted average of approximately 896,000, 398,000, and 391,000 shares of class A common stock, respectively, were excluded from the diluted earnings per share calculation because their impact would have been anti-dilutive.