Earnings Per Share

9 Months Ended

Sep. 30, 2017

(9) Earnings Per Share

Basic earnings per share was computed by dividing net income by the weighted-average number of Common Shares outstanding for each respective period. Diluted earnings per share was calculated by dividing net income by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented. As the Company adopted ASU 2016-09 on January 1, 2017 utilizing the prospective transition method, the weighted-average dilutive Common Shares calculation excludes the excess tax benefit from the treasury stock method for the three and nine months ended September 30, 2017, while the calculation includes the excess tax benefits using the treasury stock method for the three and nine months ended September 30, 2016.

Weighted-average Common Shares outstanding used in calculating basic and diluted earnings per share were as follows:


	Three months ended		Nine months ended
	September 30,		September 30,
	2017	2016	2017	2016
Basic weighted-average Common Shares outstanding	28,135,705	27,792,469	28,062,438	27,753,015
Effect of dilutive shares	516,637	566,808	550,188	513,074
Diluted weighted-average Common Shares outstanding	28,652,342	28,359,277	28,612,626	28,266,089

There were no performance-based restricted Common Shares outstanding at September 30, 2017 or 2016. There were 781,977 and 843,140 performance-based right to receive Common Shares outstanding at September 30, 2017 and 2016, respectively. These right to receive Common Shares are included in the computation of diluted earnings per share based on the number of Common Shares that would be issuable if the end of the quarter were the end of the contingency period.