EARNINGS PER SHARE

The following table sets forth the computation of the basic and diluted earnings per share for the three and nine months ended September 30, 2018 and 2019 (in thousands, except per share data):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2019			2018			2019
Numerator for basic and diluted earnings per share:
Net income	$	2,200		$	577		$	14,303		$	11,964
Less: Earnings allocated to unvested restricted stock	(11		)	(3		)	(79		)	(52		)
Income attributable to common stockholders	$	2,189		$	574		$	14,224		$	11,912

Denominator:
Denominator for basic earnings per common share - weighted average shares outstanding	19,060			17,737			17,701			17,917
Effect of dilutive securities:
Stock options	101			31			123			34
Convertible Notes	—			—			449			—
Denominator for diluted earnings per common share - weighted average shares outstanding	19,161			17,768			18,273			17,951

Basic earnings per common share:	$	0.11		$	0.03		$	0.80		$	0.66
Diluted earnings per common share:	$	0.11		$	0.03		$	0.78		$	0.66

The fully diluted weighted average shares outstanding for the nine months ended September 30, 2018 and the corresponding calculation of fully diluted earnings per share, include 449,000 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 September 30, 2018, there were no shares that would have been issued upon conversion under the if-converted method. For the three and nine months ended September 30, 2019, there were no shares that would have been issued upon conversion under the if-converted method.

For the three and nine months ended September 30, 2018, 1,065,000 and 1,041,000 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. For the three and nine months ended September 30, 2019, 901,000 and 974,000 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.