EARNINGS PER SHARE

The following table sets forth the computation of the basic and diluted earnings per share for the three months ended March 31, 2018 and 2019 (in thousands, except per share data):



	Three Months Ended March 31,
	2018			2019
Numerator for basic and diluted earnings per share:
Net income	$	9,356		$	6,525
Less: Earnings allocated to unvested restricted stock	(60		)	(33		)
Income attributable to common stockholders	$	9,296		$	6,492

Denominator:
Denominator for basic earnings per common share - weighted average shares outstanding	16,094			18,057
Effect of dilutive securities:
Stock options	376			40
Convertible Notes	1,230			—
Denominator for diluted earnings per common share - weighted average shares outstanding	17,700			18,097

Basic earnings per common share:	$	0.58		$	0.36
Diluted earnings per common share:	$	0.52		$	0.36

The fully diluted weighted average shares outstanding for the three months ended March 31, 2018 and the corresponding calculation of fully diluted earnings per share, include approximately 1,230,000 shares that would have been issued upon 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. For the three months ended March 31, 2019, there were no shares that would have been issued upon conversion under the if-converted method.

For the three months ended March 31, 2018, 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, 2019, approximately 1,307,000 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.