(

) Earnings per Common Share

Basic and diluted earnings per common share were computed as follows:

	Three Months
	Ended March 31,
(In thousands, except per share amounts)	2019		2018
Numerator:
Net income	$	13,546	$	10,331
Denominator:
Basic earnings per common share - weighted-average shares		54,553		54,572
Effect of dilutive stock options		493		523
Diluted earnings per common share - weighted-average shares and assumed conversions		55,046		55,095

Basic earnings per common share	$	0.25	$	0.19
Diluted earnings per common share	$	0.25	$	0.19

Options totaling

274,200

and

16,000

equivalent shares for the

three

-month periods ended

March 31, 2019

and

2018,

respectively, were outstanding but were

not

included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive.

Unvested performance unit awards totaling

2,520

and

126,350

equivalent shares for the

three

-month periods ended

March 31, 2019

and

2018,

respectively, were considered outstanding but were

not

included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive.