Earnings Per Share

3 Months Ended

Mar. 31, 2017

The following table sets forth the computation of the basic and diluted earnings per share for the three months ended March 31, 2016 and 2017 (in thousands, except per share data):



	For the Three Months Ended March 31,
	2016			2017
Numerator for basic and diluted earnings per share:
Net income	$	4,571		$	7,084
Less: Earnings allocated to unvested restricted stock	(41		)	(27		)
Income attributable to common stockholders	$	4,530		$	7,057

Denominator:
Denominator for basic earnings per common share - weighted average shares outstanding	16,459			16,597
Effect of dilutive securities:
Stock options	191			395
Convertible subordinated notes	—			1,090
Denominator for diluted earnings per common share - weighted average shares outstanding	16,650			18,082

Basic earnings per common share:	$	0.27		$	0.42
Diluted earnings per common share:	$	0.27		$	0.39

The fully diluted weighted average shares outstanding for the three months ended March 31, 2017 and the corresponding calculation of fully diluted earnings per share, include approximately 1,090,000 shares that would have been issued upon the conversion of our convertible subordinated notes as a result of the application of the if-converted method prescribed by the FASB ASC 260, Earnings Per Share. There were no shares for the three months ended March 31, 2016 that would have been issued upon conversion under the if-converted method.

For the three months ended March 31, 2017, no stock options were excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect. For the three months ended March 31, 2016, 538,000 stock options were excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect.