Note 13 - Net Income Per Common Share

3 Months Ended

Mar. 31, 2018

13.	NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity awards if such inclusion would be dilutive, calculated using the treasury stock method.

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

	Three Months Ended March 31,
	2018		2017
Numerator:
Net income	$	40,653	$	32,113
Denominator:
Weighted average common shares outstanding - basic		5,702,539		5,671,838
Effect of dilutive equity awards (1)		40,109		59,063
Weighted average common shares outstanding - diluted		5,742,648		5,730,901

Net income per common share:
Basic	$	7.13	$	5.66
Diluted	$	7.08	$	5.60

(

)

Equity-based awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per share calculation. The excluded number of anti-dilutive equity-based awards totaled

5,355

and

443

for the

three

months ended

March 31, 2018

and

2017,

respectively.