Net Income Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period plus dilutive securities. Dilutive securities include outstanding common stock options and unvested restricted stock units, less the number of shares that could have been purchased with the proceeds from the exercise of the options, using the treasury stock method. Options that are anti-dilutive, where their exercise price exceeds the average market price of the common stock are not included in the treasury stock method calculation. There were 48 and 590 anti-dilutive securities for the three and nine months ended September 30, 2017, respectively. There were no anti-dilutive securities for the three and nine months ended September 30, 2016.

The following table presents the calculation of net earnings per common share (“EPS”) — basic and diluted (in thousands, except per share data):



	Three months ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Net income	$	136	$	18,806	$	18,939	$	53,572
Weighted-average number of common shares outstanding (for basic calculation)	19,984		16,200		19,433		16,113
Dilutive securities	1,122		1,086		1,170		987
Weighted-average common and common equivalent shares outstanding (for diluted calculation)	21,106		17,286		20,603		17,100
EPS — basic	$	0.01	$	1.16	$	0.97	$	3.32
EPS — diluted	$	0.01	$	1.09	$	0.92	$	3.13