16. 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 by the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income 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 was as follows:

	For the Year Ended December 31,
(in thousands, except per share data)	2017		2016		2015
Numerator:
Net income	$	21,154	$	21,431	$	27,302
Denominator:
Weighted average common shares outstanding		16,273		17,109		20,577
Weighted average dilutive securities		223		352		461
Weighted average common shares outstanding, diluted		16,496		17,461		21,038
Income per common share, basic	$	1.30	$	1.25	$	1.33
Income per common share, diluted	$	1.28	$	1.23	$	1.30

Results for the year ended December 31, 2017 included a net Tax Act benefit of $7.8 million, or $0.48 and $0.47 per basic and diluted share, respectively. See further discussion in Note 10 — Income Taxes to our Financial Statements.

For the years ended December 31, 2017, 2016 and 2015, 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:

(In thousands)	2017		2016		2015
Stock options		—		—		3
Time-vested stock awards		44		—		—
Performance awards		97		63		34

Share Repurchase Program

On July 27, 2017, the Board of Directors approved a new $20.0 million repurchase program (Repurchase Program) that began at the expiration of the existing program. The Repurchase Program will continue in effect through August 15, 2018, or until the authorized funds are exhausted. During 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 Repurchase Program for approximately $0.8 million. 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 2007 Plan. All of the shares repurchased were retired and returned to authorized but unissued stock. The remaining availability to purchase shares under the Repurchase Program was $19.3 million as of December 31, 2017.