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 three and nine months ended September 30, 2018 and 2017 is as follows:


	Three Months Ended
	September 30, 2018				September 30, 2017
	Diluted		Basic		Diluted		Basic
Consolidated operations
Income available to common stockholders	$	38,996	$	38,996	$	53,523	$	53,523

Average equivalent shares
Shares of common stock		62,378		62,378		62,592		62,592
Effect of dilutive stock based compensation
Stock options		2,659		—		2,171		—
Restricted stock		92		—		58		—
Total average equivalent shares		65,129		62,378		64,821		62,592
Net income per share	$	0.60	$	0.63	$	0.83	$	0.86


	Nine Months Ended
	September 30, 2018				September 30, 2017
	Diluted		Basic		Diluted		Basic
Consolidated operations
Income available to common stockholders	$	154,071	$	154,071	$	170,517	$	170,517

Average equivalent shares
Shares of common stock		62,304		62,304		62,527		62,527
Effect of dilutive stock-based compensation
Stock options		2,440		—		2,046		—
Restricted stock		78		—		53		—
Total average equivalent shares		64,822		62,304		64,626		62,527
Net income per share	$	2.38	$	2.47	$	2.64	$	2.73