NOTE 14 – EARNINGS PER SHARE

Basic net income per share is calculated by dividing net income attributable to Aptar by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income attributable to Aptar by the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to stock-based compensation awards. Stock-based compensation awards for which total employee proceeds exceed the average market price over the applicable period would have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. The reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2018 and 2017 is as follows:


	Three Months Ended
	June 30, 2018				June 30, 2017
	Diluted		Basic		Diluted		Basic
Consolidated operations
Income available to common stockholders	$	55,775	$	55,775	$	65,174	$	65,174

Average equivalent shares
Shares of common stock		62,402		62,402		62,631		62,631
Effect of dilutive stock based compensation
Stock options		2,358		—		2,144		—
Restricted stock		90		—		53		—
Total average equivalent shares		64,850		62,402		64,828		62,631
Net income per share	$	0.86	$	0.89	$	1.01	$	1.04


	Six Months Ended
	June 30, 2018				June 30, 2017
	Diluted		Basic		Diluted		Basic
Consolidated operations
Income available to common stockholders	$	115,075	$	115,075	$	116,994	$	116,994

Average equivalent shares
Shares of common stock		62,266		62,266		62,494		62,494
Effect of dilutive stock-based compensation
Stock options		2,293		—		1,973		—
Restricted stock		81		—		52		—
Total average equivalent shares		64,640		62,266		64,519		62,494
Net income per share	$	1.78	$	1.85	$	1.81	$	1.87