Earnings Per Share

The computation of basic and diluted earnings per common share is as follows:



	Three Months Ended
	March 31,
(In thousands, except per share amounts)	2018			2017
Computation of Basic Earnings Per Share:
Numerator:
Net income	$	25,086		$	24,269
Income allocated to participating securities	(155		)	(174		)
Net income available to common shareholders	$	24,931		$	24,095
Denominator:
Weighted average common shares outstanding – basic	56,464			55,941

Basic earnings per share	$	0.44		$	0.43

Computation of Diluted Earnings Per Share:
Numerator:
Net income	$	25,086		$	24,269
Income allocated to participating securities	(154		)	(174		)
Net income available to common shareholders	$	24,932		$	24,095
Denominator:
Weighted average common shares outstanding – basic	56,464			55,941
Diluted effect of stock options and PVRSUs	647			345
Weighted average common shares outstanding – diluted	57,111			56,286

Diluted earnings per share	$	0.44		$	0.43

The Company's unvested restricted shares contain rights to receive non-forfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator.

At March 31, 2018 and 2017, the Company had 1.7 million and 2.2 million outstanding stock options, respectively. Stock options are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive. For the three months ended March 31, 2018, 0.1 million anti-dilutive stock options were excluded from the diluted earnings per share calculation. For the three months ended March 31, 2017, the Company excluded 0.6 million of anti-dilutive stock options from the diluted earnings per share calculation.

PVRSUs are also included in the diluted earnings per share calculation when the performance conditions have been met at the reporting date. However, at March 31, 2018 and 2017, PVRSUs totaling 338,204 and 354,167, respectively, were excluded from the computation since the performance conditions had not been met.