16. EARNINGS PER SHARE

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards and certain restricted stock units granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

The following table presents the computation of EPS for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31,
(In thousands, except per share data)	2017			2016			2015
Net income	$	20,539		$	35,491		$	21,111
Dividends paid on and earnings allocated to participating securities		(415	)		(732	)		(451	)
Income attributable to common stock	$	20,124		$	34,759		$	20,660

Weighted average common shares outstanding, including participating securities		19,759			17,670			14,792
Weighted average participating securities		(404	)		(366	)		(319	)
Weighted average common shares outstanding		19,355			17,304			14,473
Basic earnings per common share	$	1.04		$	2.01		$	1.43

Income attributable to common stock	$	20,124		$	34,759		$	20,660
Impact of assumed conversions - interest on 8.5% trust preferred securities		—			878			—
Income attributable to common stock including assumed conversions	$	20,124		$	35,637		$	20,660

Weighted average common shares outstanding		19,355			17,304			14,473
Incremental shares from assumed conversions of options and restricted stock units		24			13			4
Incremental shares from assumed conversions of 8.5% trust preferred securities		—			534			—
Weighted average common and equivalent shares outstanding		19,379			17,851			14,477
Diluted earnings per common share	$	1.04		$	2.00		$	1.43

There were no stock options outstanding for the year ended December 31, 2017. There were no stock options that were antidilutive at December 31, 2016 and 2015. The assumed conversion of the TPS was antidilutive for the years ended December 31, 2017 and 2015, and therefore was not included in the computation of diluted earnings per share during those years. The assumed conversion of the TPS was dilutive for the year ended December 31, 2016, and therefore was included in the computation of diluted earnings per share during that year.