16. Earnings Per Share

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share for fiscal years 2017, 2016 and 2015 (dollars in thousands, except per share amounts):



	Fiscal Year
	2017		2016		2015
Net income attributable to Cavco common stockholders	$	37,955	$	28,541	$	23,817
Weighted average shares outstanding:
Basic	8,976,064		8,889,731		8,854,359
Common stock equivalents—treasury stock method	129,679		156,616		161,420
Diluted	9,105,743		9,046,347		9,015,779
Net income per share attributable to Cavco common stockholders:
Basic	$	4.23	$	3.21	$	2.69
Diluted	$	4.17	$	3.15	$	2.64

There were 9,766 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the year ended April 1, 2017, 11,161 for the year ended April 2, 2016 and 2,669 for the year ended March 28, 2015.