Earnings Per Share

3 Months Ended

Mar. 31, 2018

4. EARNING PER SHARE

Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of common stock outstanding adjusted for the effect of dilutive common stock equivalents.

The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data):


	Three months ended March 31,
	2018		2017

Numerator:
Net income	$	12,222	$	6,145

Denominator:
Weighted average shares of common stock outstanding		12,030		11,901
Effect of dilutive common stock equivalents		109		108
Weighted average shares of common stock outstanding		12,139		12,009

Earnings per share - basic	$	1.02	$	0.52

Earnings per share - diluted	$	1.01	$	0.51

The calculation of diluted earnings per share excluded 4,690 and 4,531 antidilutive options outstanding for the three months ended March 31, 2018 and 2017, respectively.