Earnings Per Share

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



	Year Ended December 31,
	2018			2017			2016
	(in thousands, except per share amounts)
Computation of Basic Earnings Per Share:
Numerator:
Net income	$	216,355		$	122,327		$	106,712
Income allocated to participating securities	(1,248		)	(845		)	(747		)
Net income available to common shareholders	$	215,107		$	121,482		$	105,965
Denominator
Weighted average common shares outstanding -- basic	56,130			56,114			55,872
Basic earnings per share	$	3.83		$	2.16		$	1.90

Computation of Diluted Earnings Per Share:
Numerator:
Net income	$	216,355		$	122,327		$	106,712
Income allocated to participating securities	(1,241		)	(842		)	(744		)
Net income available to common shareholders	$	215,114		$	121,485		$	105,968
Denominator:
Weighted average common shares outstanding -- basic	56,130			56,114			55,872
Diluted effect of stock options and PVRSUs	471			412			283
Weighted average commons shares outstanding -- diluted	56,601			56,526			56,155
Diluted earnings per share	$	3.80		$	2.15		$	1.89

The Company’s unvested restricted shares contain rights to receive nonforfeitable 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 December 31, 2018, 2017 and 2016, the Company had 1.2 million, 2.0 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 years ended December 31, 2018 and 2016, the Company excluded 0.1 million and 1.2 million, respectively, of anti-dilutive stock options from the diluted earnings per share calculation. For the year ended December 31, 2017, no anti-dilutive stock options were excluded from the diluted earnings per share calculation.

PVRSUs are also included in the diluted earnings per share calculation if the performance conditions have been met at the reporting date. However, at December 31, 2018, 2017 and 2016, PVRSUs totaling 242,942, 251,228, and 210,258, respectively, were excluded from the computation since the performance conditions had not been met.