Income Per Common Share

9 Months Ended

Sep. 30, 2016

15. Income Per Common Share

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Basic income per common share	2016		2015		2016		2015
Net income	$	2,993	$	2,145	$	7,881	$	1,369
Net income allocated to participating securities		(58)		(44)		(152)		(31)
Net income allocated to common shareholders	$	2,935	$	2,101	$	7,729	$	1,338

Basic weighted-average common shares outstanding		32,151		27,823		31,731		27,687
Basic income per common share	$	0.09	$	0.08	$	0.24	$	0.05

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Diluted income per common share	2016		2015		2016		2015
Net income	$	2,993	$	2,145	$	7,881	$	1,369
Net income allocated to participating securities		(56)		(44)		(148)		(32)
Net income allocated to common shareholders	$	2,937	$	2,101	$	7,733	$	1,337

Basic weighted-average common shares outstanding		32,151		27,823		31,731		27,687
Effect of dilutive stock options and awardsa		1,014		773		837		800
Diluted weighted-average common shares outstanding		33,165		28,596		32,568		28,487
Diluted income per common share	$	0.09	$	0.07	$	0.24	$	0.05

___________________

aThe Company excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to income per common share. The Company also excluded common stock equivalents from stock awards from the calculation of diluted weighted-average common shares outstanding during periods of net losses because the inclusion of these common stock equivalents would be antidilutive to income per common share. Accordingly, stock options to purchase a weighted-average 1,000 and 810,000 shares for the three and nine months ended September 30, 2016, respectively, and 714,000 and 787,000 shares for the three and nine months ended September 30, 2015, respectively, were excluded from the calculation of diluted weighted-average common shares outstanding.