(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 months ended March 31, 2018 and 2017.

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



Three months ended March 31	2018	2017
Basic weighted-average Common Shares outstanding	28,249,420	27,916,652
Effect of dilutive shares	686,610	663,545
Diluted weighted-average Common Shares outstanding	28,936,030	28,580,197

There were no performance-based restricted Common Shares outstanding at March 31, 2018 or 2017. There were 622,960 and 750,720 performance-based right to receive Common Shares outstanding at March 31, 2018 and 2017, respectively. The 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.