NOTE 14 — EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.

The computations of basic and diluted earnings per share for the three and six months ended July 31, 2018 and 2017 are as follows (shares in thousands except in the footnote below):

	Three Months Ended July 31,
	2018		2017

Net income attributable to the stockholders of Argan, Inc.	$	16,972	$	27,139


Weighted average number of shares outstanding - basic	15,568		15,514
Effect of stock awards (1)	105		273

Weighted average number of shares outstanding - diluted	15,673		15,787

Net income per share attributable to the stockholders of Argan, Inc.
Basic	$	1.09	$	1.75

Diluted	$	1.08	$	1.72

	Six Months Ended July 31,
	2018		2017

Net income attributable to the stockholders of Argan, Inc.	$	21,809	$	47,764


Weighted average number of shares outstanding - basic	15,568		15,491
Effect of stock awards (1)	105		297

Weighted average number of shares outstanding - diluted	15,673		15,788

Net income per share attributable to the stockholders of Argan, Inc.
Basic	$	1.40	$	3.08

Diluted	$	1.39	$	3.03

(1)

These numbers exclude the effects of antidilutive stock options which covered approximately 486,500 shares and 260,000 shares for the three months ended July 31, 2018 and 2017, respectively, and approximately 486,500 shares and 155,000 shares for the six months ended July 31, 2018 and 2017, respectively.