Earnings Per Share

Unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Company’s non-vested restricted stock granted is considered a participating security since the share-based awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest.

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



(in thousands except per common share data)	Year ended December 31,
(in thousands except per common share data)	2017		2016		2015
Net income (loss) attributable to The Andersons, Inc.	$	42,511	$	11,594	$	(13,067	)
Less: Distributed and undistributed earnings allocated to non-vested restricted stock	1		9		29
Earnings (losses) available to common shareholders	$	42,510	$	11,585	$	(13,096	)
Earnings per share – basic:
Weighted average shares outstanding – basic	28,126		28,193		28,288
Earnings (losses) per common share – basic	$	1.51	$	0.41	$	(0.46	)
Earnings per share – diluted:
Weighted average shares outstanding – basic	28,126		28,193		28,288
Effect of dilutive awards	170		238		—
Weighted average shares outstanding – diluted	28,296		28,431		28,288
Earnings (losses) per common share – diluted	$	1.50	$	0.41	$	(0.46	)

There were 22 thousand antidilutive share-based awards outstanding at December 31, 2017. No antidilutive share-based awards were outstanding at December 31, 2016. All outstanding share-based awards were antidilutive in 2015 as the Company experienced a net loss.