The following table presents the basic and diluted earnings per share computation for the fiscal years presented:



(in thousands except share data)	2017		2016			2015
Numerator:
Net income	$	28,801	$	6,900		$	14,932
Less: Income (loss) from discontinued operations, net of tax	41		(328		)	(129		)
Income from continuing operations, net of tax	28,760		7,228			15,061
Less: preferred stock dividends	4,261		3,878			2,438
Less: preferred stock repurchase	6,091		—			—
Income from continuing operations available to common stockholders, net of tax	$	18,408	$	3,350		$	12,623

Basic earnings per share (1):
Weighted average common shares outstanding	23,343,772		21,252,616			21,182,885
Basic earnings per share, continuing operations	$	0.79	$	0.16		$	0.60
Basic earnings per share, discontinued operations	—		(0.02		)	(0.01		)
Basic earnings per share	$	0.79	$	0.14		$	0.59

Diluted earnings per share (2):
Weighted average common shares outstanding	23,343,772		21,252,616			21,182,885
Weighted average dilutive securities, convertible preferred stock	—		—			4,314,064
Weighted average dilutive securities, restricted stock	19,073		60,401			653
Weighted average dilutive securities, warrants	1,280,265		—			—
Weighted average dilutive securities, stock options	234,619		2,602			—
Weighted average shares and dilutive potential common shares	24,877,729		21,315,619			25,497,602
Diluted earnings per share, continuing operations	$	0.74	$	0.16		$	0.59
Diluted earnings per share, discontinued operations	—		(0.02		)	—
Diluted earnings per share	$	0.74	$	0.14		$	0.59

(1) Basic earnings per share is calculated by dividing income available to common stockholders from continuing operations, discontinued operations, and total net income by the weighted average common shares outstanding during the period. For purposes of calculating basic earnings per share, income available to common stockholders is reduced in periods where we have paid a dividend or accrued for a dividend payment on our convertible preferred stock.

(2) Diluted earnings per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined by using the treasury-stock method, and adjusting for the dilutive effect of our convertible preferred stock, determined by using the if-converted method. For the fiscal years ended 2017 and 2016, 4,302,212 and 4,314,064 shares, respectively, of potentially dilutive convertible preferred stock were excluded from the calculation since the if-converted impact would be anti-dilutive and, as a result, the numerator used in the calculation included the impact on income of preferred stock dividends and the excess of fair value over carrying value for preferred stock repurchase. Potentially dilutive common stock equivalents totaling 12,295, 173,009, and 311,809 shares, respectively, were excluded from the fiscal years ended 2017, 2016, and 2015 calculations since their impact would be anti-dilutive.