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 24,781 anti-dilutive securities for the three months ended March 31, 2018. There were 6,239 anti-dilutive securities for the three months ended March 31, 2017.

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 March 31,
	2018		2017
Net income	$	4,875	$	55,863
Weighted-average number of common shares outstanding (for basic calculation)	20,255		18,439
Dilutive securities	1,145		1,110
Weighted-average common and common equivalent shares outstanding (for diluted calculation)	21,400		19,549
EPS — basic	$	0.24	$	3.03
EPS — diluted	$	0.23	$	2.86