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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2018
EARNINGS PER SHARE |
EARNINGS PER SHARE | 2. 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 three months ended March 31, 2018 and 2017:
|  | Three Months Ended |
|  | March 31, |
(In thousands, except per share data) |  | 2018 |  |  | 2017 |
Net income |  | $ | 12,073 |  |  | $ | 9,171 |
Dividends paid on and earnings allocated to participating securities |  |  | (253 | ) |  |  | (178 | )
Income attributable to common stock |  | $ | 11,820 |  |  | $ | 8,993 |
Weighted average common shares outstanding, including participating securities |  |  | 19,834 |  |  |  | 19,669 |
Weighted average participating securities |  |  | (421 | ) |  |  | (392 | )
Weighted average common shares outstanding |  |  | 19,413 |  |  |  | 19,277 |
Basic earnings per common share |  | $ | 0.61 |  |  | $ | 0.47 |
Income attributable to common stock |  | $ | 11,820 |  |  | $ | 8,993 |
Weighted average common shares outstanding |  |  | 19,413 |  |  |  | 19,277 |
Incremental shares from assumed conversions of options and restricted stock units |  |  | 25 |  |  |  | 19 |
Weighted average common and equivalent shares outstanding |  |  | 19,438 |  |  |  | 19,296 |
Diluted earnings per common share |  | $ | 0.61 |  |  | $ | 0.47 |
There were 47,393 stock options outstanding at March 31, 2018 that were not included in the computation of diluted earnings per share for the three months ended March 31, 2018 because the options’ exercise prices were greater than the average market price of common stock and were, therefore, antidilutive. There were no stock options outstanding at March 31, 2017. There were 21,693 and 19,957 restricted stock units that were antidilutive for the three months ended March 31, 2018 and 2017, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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