11. Earnings Per Share

The Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Net income available to common shareholders and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows:

	Three months ended				Nine months ended
	September 30,				September 30,
(In thousands, except per share data)	2017		2016		2017		2016

Numerator:
Net income	$	5,145	$	6,146	$	7,575	$	13,633

Denominator:
Weighted average common shares outstanding		16,314		15,805		16,263		17,489
Weighted average dilutive securities		160		372		213		328
Weighted average common shares outstanding, diluted		16,474		16,177		16,476		17,817

Income per common share, basic	$	0.32	$	0.39	$	0.47	$	0.78
Income per common share, diluted	$	0.31	$	0.38	$	0.46	$	0.77

For the three and nine months ended September 30, 2017 and 2016, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would either have been anti-dilutive or, for stock options, the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. All of the Company’s non-participating unvested restricted shares were included in the computation of weighted average dilutive securities.

The following table summarizes the shares of common stock underlying the Company’s unvested stock options and performance awards that were excluded from the calculation of dilutive securities:

	Three months ended				Nine months ended
	September 30,				September 30,
(In thousands)	2017		2016		2017		2016

Stock options		—		—		—		86
Restricted stock		44		6		44		6
Performance awards		21		2		127		83

Share Repurchases

On July 27, 2017, the Company’s Board of Directors approved a $20.0 million share repurchase program that began when the previous share repurchase program expired on August 15, 2017. During the nine months ended September 30, 2017, the Company repurchased 92,987 shares of its common stock at a weighted-average price of $32.90 per share; 35,338 of those shares were purchased under its share repurchase programs for approximately $0.8 million, of which 4,500 shares were purchased under our $20.0 million program that expired on August 15, 2017, and 30,838 shares were purchased under the new program that started on August 16, 2017. Additionally, the Company repurchased 57,649 shares of stock, for approximately $2.2 million, from its employees to satisfy tax obligations on shares vested under the LTIP. All of the shares repurchased were retired and returned to authorized but unissued stock. As of September 30, 2017, the Company had $19.3 million of remaining availability to purchase shares under the current share repurchase program, which continues in effect until August 15, 2018, or until the authorized funds are exhausted.