(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. 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, 2018 and 2017.

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,
	2018	2017	2018	2017
Basic weighted-average Common Shares outstanding	28,452,807	28,135,705	28,383,843	28,062,438
Effect of dilutive shares	612,239	516,637	689,257	550,188
Diluted weighted-average Common Shares outstanding	29,065,046	28,652,342	29,073,100	28,612,626

There were no performance-based restricted Common Shares outstanding at September 30, 2018 or 2017. There were 626,500 and 781,977 performance-based right to receive Common Shares outstanding at September 30, 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.