EARNINGS PER SHARE

The following table sets forth the computation of the basic and diluted earnings per share for the three and six months ended June 30, 2017 and 2018 (in thousands, except per share data):



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2018			2017			2018
Numerator for basic and diluted earnings per share:
Net income	$	4,410		$	2,747		$	11,494		$	12,103
Less: Earnings allocated to unvested restricted stock	(15		)	(14		)	(43		)	(67		)
Income attributable to common stockholders	$	4,395		$	2,733		$	11,451		$	12,036

Denominator:
Denominator for basic earnings per common share - weighted average shares outstanding	16,652			17,916			16,625			17,010
Effect of dilutive securities:
Stock options	377			212			381			240
Convertible Notes	1,064			117			1,077			674
Denominator for diluted earnings per common share - weighted average shares outstanding	18,093			18,245			18,083			17,924

Basic earnings per common share:	$	0.26		$	0.15		$	0.69		$	0.71
Diluted earnings per common share:	$	0.24		$	0.15		$	0.63		$	0.67

The fully diluted weighted average shares outstanding for the three and six months ended June 30, 2018 and the corresponding calculation of fully diluted earnings per share, include approximately 117,000 and 674,000 shares, respectively that would have been issued upon the conversion of our Convertible Notes as a result of the application of the if-converted method prescribed by the FASB ASC 260, Earnings Per Share. There were approximately 1,064,000 and 1,077,000 shares for the three and six months ended June 30, 2017 that would have been issued upon conversion under the if-converted method.

For the three and six months ended June 30, 2018, approximately 645,000 and 600,000 shares, respectively, were excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect. There were no stock options that were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2017.