. Earnings per Common Share

Basic and diluted earnings per common share were computed as follows:

(In thousands, except per share amounts)	201 8		2017		2016
Numerator:
Net income	$	55,027	$	90,284	$	33,464
Denominator:
Basic earnings per common share - weighted-average shares		54,590		54,492		54,177
Effect of dilutive stock options		559		358		284
Diluted earnings per common share - weighted-average shares and assumed conversions		55,149		54,850		54,461
Basic earnings per common share	$	1.01	$	1.66	$	0.62
Diluted earnings per common share	$	1.00	$	1.65	$	0.61

Options totaling

153,500,

145,169

and

564,833

equivalent shares were outstanding but were

not

included in the calculation of diluted earnings per share for

2018,

2017

and

2016,

respectively, because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive.

Unvested performance unit awards (see Note

) totaling

1,638,

124,046

and

64,162

equivalent shares for

2018,

2017

and

2016,

respectively, were considered outstanding but were

not

included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive.