17. EARNINGS PER SHARE

FASB ASC 260‑10‑45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing EPS. The RSAs and certain RSUs granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

The following table presents the computation of EPS for the years ended December 31, 2019, 2018 and 2017:


	Year Ended December 31,
(In thousands, except per share data)	2019		2018		2017
Net income	$	51,691	$	39,227	$	20,539
Dividends paid on and earnings allocated to participating securities		(1,096)		(853)		(415)
Income attributable to common stock	$	50,595	$	38,374	$	20,124

Weighted average common shares outstanding, including participating securities		19,952		19,875		19,759
Weighted average participating securities		(424)		(434)		(404)
Weighted average common shares outstanding		19,528		19,441		19,355
Basic earnings per common share	$	2.59	$	1.97	$	1.04

Income attributable to common stock	$	50,595	$	38,374	$	20,124

Weighted average common shares outstanding		19,528		19,441		19,355
Incremental shares from assumed conversions of options and restricted stock units		31		27		24
Weighted average common and equivalent shares outstanding		19,559		19,468		19,379
Diluted earnings per common share	$	2.59	$	1.97	$	1.04

There were 110,660 and 47,393 stock options outstanding at December 31, 2019 and 2018, respectively, that were not included in the computation of diluted earnings per share for the years ended December 31, 2019 and 2018 because the options’ exercise prices were greater than the average market price of common stock and were, therefore, antidilutive. There were no stock options outstanding for the year ended December 31, 2017.

There were no RSUs that were antidilutive for the years ended December 31, 2019 and 2017. There were 3,156 RSUs that were antidilutive for the year ended December 31, 2018.

The assumed conversion of the TPS was antidilutive for the year ended December 31, 2017, and therefore was not included in the computation of diluted earnings per share during that year.