Earnings per Share

Basic earnings per share is calculated by dividing net income attributable to the Company’s Class A shareholders for the period by the weighted average number of Class A common shares outstanding for the period excluding non-vested restricted stock awards. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including: public and private placement warrants, restricted stock awards, restricted stock units, and stock options.

Below are basic and diluted net income per share:



	Three Months Ended March 31, 2018		Three Months Ended March 31, 2017

Numerator:
Net income attributable to Class A shareholders (in thousands)	$	23,841	$	15,832
Denominator:
Weighted-average Class A shares outstanding - basic	99,895,075		98,250,917
Dilutive effect of warrants	5,048,437		6,521,341
Dilutive effect of restricted stock and restricted stock units	97,503		1,629
Weighted-average shares outstanding - diluted	105,041,015		104,773,887

Net income per Class A share - basic	$	0.24	$	0.16

Net income per Class A share - diluted	$	0.23	$	0.15

For the three months ended March 31, 2018 and 2017, stock options were excluded from the computation of diluted net income per share because the assumed proceeds from the awards’ exercise was greater than the average market price of the common shares.