2. EARNINGS PER SHARE

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 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 earnings per share (“EPS”). The restricted stock awards (“RSAs”) and certain restricted stock units (“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 three months ended March 31, 2020 and 2019:


	Three Months Ended
	March 31,
(In thousands, except per share data)	2020		2019
Net income	$	9,348	$	12,927
Dividends paid on and earnings allocated to participating securities		(195)		(277)
Income attributable to common stock	$	9,153	$	12,650

Weighted average common shares outstanding, including participating securities		19,946		19,926
Weighted average participating securities		(414)		(426)
Weighted average common shares outstanding		19,532		19,500
Basic earnings per common share	$	0.47	$	0.65

Income attributable to common stock	$	9,153	$	12,650

Weighted average common shares outstanding		19,532		19,500
Incremental shares from assumed conversions of options and restricted stock units		34		26
Weighted average common and equivalent shares outstanding		19,566		19,526
Diluted earnings per common share	$	0.47	$	0.65

There were 180,020 stock options outstanding at March 31, 2020 that were not included in the computation of diluted earnings per share for the three months ended March 31, 2020 because the options' exercise prices were greater than the average market price of common stock and were, therefore, antidilutive. There were 110,660 stock options outstanding at March 31, 2019 that were not included in the computation of diluted earnings per share for the three months ended March 31, 2019 because the options' exercise prices were greater than the average market price of common stock and were, therefore, antidilutive.

There were 26,556 and 22,305 RSUs that were antidilutive for the three months ended March 31, 2020 and 2019, respectively.