14. 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	2017		2016		2017		2016
Net income	$	1,325	$	2,993	$	6,711	$	7,881
Net income allocated to participating securities		(22)		(58)		(126)		(152)
Net income allocated to common shareholders	$	1,303	$	2,935	$	6,585	$	7,729

Basic weighted-average common shares outstanding		32,887		32,151		32,665		31,731
Basic income per common share	$	0.04	$	0.09	$	0.20	$	0.24

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Diluted income per common share	2017		2016		2017		2016
Net income	$	1,325	$	2,993	$	6,711	$	7,881
Net income allocated to participating securities		(22)		(56)		(122)		(148)
Net income allocated to common shareholders	$	1,303	$	2,937	$	6,589	$	7,733

Basic weighted-average common shares outstanding		32,887		32,151		32,665		31,731
Effect of dilutive stock options and awardsa		1,170		1,014		1,186		837
Diluted weighted-average common shares outstanding		34,057		33,165		33,851		32,568
Diluted income per common share	$	0.04	$	0.09	$	0.19	$	0.24

___________________

aWe 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. Accordingly, stock options to purchase a weighted-average 264,000 and 215,000 shares for the three and nine months ended September 30, 2017, respectively, and 1,000 and 810,000 shares for the three and nine months ended September 30, 2016, respectively, were excluded from the calculation of diluted weighted-average common shares outstanding.