Note 9. Earnings per Common Share

The table below reconciles net income to net income available to common shareholders (in thousands):



	Three Months Ended May 31,				Nine Months Ended May 31,
	2017		2016		2017		2016
Net income	$	14,444	$	12,665	$	38,562	$	38,396
Less: Net income allocated to
participating securities		(86)		(84)		(238)		(246)
Net income available to common shareholders	$	14,358	$	12,581	$	38,324	$	38,150

The table below summarizes the weighted-average number of common shares outstanding included in the calculation of basic and diluted EPS (in thousands):



	Three Months Ended May 31,				Nine Months Ended May 31,
	2017		2016		2017		2016
Weighted-average common
shares outstanding, basic		14,056		14,306		14,115		14,365
Weighted-average dilutive securities		32		43		36		48
Weighted-average common
shares outstanding, diluted		14,088		14,349		14,151		14,413

For the three months ended May 31, 2017, there were no anti-dilutive stock-based equity awards outstanding. For the three months ended May 31, 2016, weighted-average stock-based equity awards outstanding that are non-participating securities in the amount of 1,090 were excluded from the calculation of diluted EPS under the treasury stock method as they were anti-dilutive.

For the nine months ended May 31, 2017, there were no anti-dilutive stock-based equity awards outstanding. For the nine months ended May 31, 2016, weighted-average stock-based equity awards outstanding that are non-participating securities in the amount of 6,001 were excluded from the calculation of diluted EPS under the treasury stock method as they were anti-dilutive.