2. EARNINGS PER SHARE

The following table presents the calculation of basic and diluted earnings per share for our Common and Class B common stock:


	Quarter Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Basic Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$	73,756	$	64,621	$	99,937	$	90,158
Less: distributed and undistributed earnings allocated to non-vested restricted common stock		6,189		5,254		8,376		7,304

Earnings allocated to Watsco, Inc. shareholders	$	67,567	$	59,367	$	91,561	$	82,854

Weighted-average common shares outstanding – Basic		32,682,474		32,574,901		32,662,653		32,543,354
Basic earnings per share for Common and Class B common stock	$	2.07	$	1.82	$	2.80	$	2.55
Allocation of earnings for Basic:
Common stock	$	61,966	$	54,411	$	83,966	$	75,930
Class B common stock		5,601		4,956		7,595		6,924

	$	67,567	$	59,367	$	91,561	$	82,854

Diluted Earnings per Share:
Net income attributable to Watsco, Inc. shareholders	$	73,756	$	64,621	$	99,937	$	90,158
Less: distributed and undistributed earnings allocated to non-vested restricted common stock		6,186		5,251		8,374		7,302

Earnings allocated to Watsco, Inc. shareholders	$	67,570	$	59,370	$	91,563	$	82,856

Weighted-average common shares outstanding – Basic		32,682,474		32,574,901		32,662,653		32,543,354
Effect of dilutive stock options		26,172		31,435		31,653		32,972

Weighted-average common shares outstanding – Diluted		32,708,646		32,606,336		32,694,306		32,576,326

Diluted earnings per share for Common and Class B common stock	$	2.07	$	1.82	$	2.80	$	2.54
Anti-dilutive stock options not included above		63,467		714		27,787		16,363

Diluted earnings per share for our Common stock assumes the conversion of all of our Class B common stock into Common stock as of the beginning of the fiscal year; therefore, no allocation of earnings to Class B common stock is required. At June 30, 2017 and 2016, our outstanding Class B common stock was convertible into 2,709,311 and 2,719,495 shares of our Common stock, respectively.