Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during the applicable year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of December 31, 2019, the shares of common stock underlying the restricted stock units (the "RSUs") awarded under the 2019 and 2016 Incentive Plans (See Note 12) are excluded from the basic earnings per share calculation, as these units are not participating securities.

Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company.

The following tables identify the number of shares of common stock underlying the RSUs that are included in the calculation of diluted weighted average number of shares of common stock for such years:

(a)	Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is December 31, 2019.

(b)	The RSUs awarded in 2017, 2018 and 2019 vest, subject to satisfaction of the applicable market and/or performance conditions, on June 30, 2020, 2021 and 2022, respectively (see Note 12).

NOTE 11—EARNINGS PER COMMON SHARE (Continued)

(c)	As of December 31, 2019, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited.

(d)	Excluded as the applicable conditions had not been met for these shares at the respective measurement dates.

(e)	Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is December 31, 2018.

(f)	Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is December 31, 2017.

In 2010, RSUs exchangeable for up to 200,000 shares of common stock were awarded pursuant to the 2009 Incentive Plan. In June 2017, 113,584 of these shares vested and such shares were issued in August 2017. See Note 12 for information regarding the Company’s equity incentive plans.

There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock in 2019, 2018 and 2017.

The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):


	Year Ended December 31,
	2019		2018		2017
Numerator for basic and diluted earnings per share:
Net income	$	18,544	$	21,564	$	24,249
Less net income attributable to non-controlling interests		(533)		(899)		(102)
Less earnings allocated to unvested restricted stock(a)		(1,227)		(1,173)		(1,072)
Net income available for common stockholders: basic and diluted	$	16,784	$	19,492	$	23,075
Denominator for basic earnings per share:
Weighted average number of common shares		19,090		18,575		17,944
Effect of diluted securities:
RSUs		29		13		103
Denominator for diluted earnings per share:
Weighted average number of shares		19,119		18,588		18,047

Earnings per common share, basic	$	0.88	$	1.05	$	1.29
Earnings per common share, diluted	$	0.88	$	1.05	$	1.28

(a)	Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.