7. Income Per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Income Per Share

The following is the computation of basic and diluted income per share:

	Year ended December 31,
	2017		2016		2015
	(In thousands, except per share amounts)
Net Income	$	36,593	$	27,581	$	28,925
Weighted average basic shares outstanding		1,846		1,824		1,846
Add: Effect of dilutive securities		11		33		24
Weighted average diluted shares outstanding		1,857		1,857		1,870
Net Income per share
Basic	$	19.82	$	15.12	$	15.67
Diluted	$	19.71	$	14.85	$	15.47

As required by ASC 260, Earnings per Share, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of basic income per share pursuant to the two-class method.

Incremental shares from stock options and restricted stock units were included in the calculation of weighted average diluted shares outstanding using the treasury stock method. Securities representing 148 shares of common stock for the year ended December 31, 2017 were excluded from the computation of weighted average diluted shares outstanding because their effect would have been anti-dilutive. There were no anti-dilutive shares excluded from the computation of weighted average diluted shares outstanding in 2016 and 2015.