NOTE 14 – EARNINGS PER SHARE

Basic net income per share is calculated by dividing net income attributable to Aptar by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income attributable to Aptar by the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to stock-based compensation awards. Stock-based compensation awards for which total employee proceeds exceed the average market price over the applicable period would have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. The reconciliation of basic and diluted earnings per share for the quarters ended March 31, 2018 and 2017 is as follows:


	Three Months Ended
	March 31, 2018				March 31, 2017
	Diluted		Basic		Diluted		Basic
Consolidated operations
Income available to common stockholders	$	59,300	$	59,300	$	51,820	$	51,820

Average equivalent shares
Shares of common stock		62,128		62,128		62,355		62,355
Effect of dilutive stock-based compensation
Stock options		2,216		—		1,827		—
Restricted stock		70		—		52		—
Total average equivalent shares		64,414		62,128		64,234		62,355
Net income per share	$	0.92	$	0.95	$	0.81	$	0.83