The computation of basic and diluted net income (loss) per common share for the years ended December 31, 2018, 2017 and 2016 is as follows:

For the years ended December 31,	2018		2017		2016
(dollars in thousands, except per share amounts)
Numerator:
Net income (loss)	$	10,662	$	7,610	$	(5,347	)
Denominator:
Weighted average number of shares of common stock outstanding		8,132,632		7,225,697		7,193,300
Weighted average effect of dilutive stock options and other share-based compensation		215,060		149,108		-
Weighted average number of shares of common stock outstanding, as adjusted		8,347,692		7,374,805		7,193,300
Net income (loss) per common share:
Basic earnings (loss) per share	$	1.31	$	1.05	$	(0.74	)
Diluted earnings (loss) per share	$	1.28	$	1.03	$	(0.74	)

On May 25, 2018, the Company completed an underwritten, public offering involving the issuance and sale by the Company of 1,224,490 shares of common stock at a public offering price of $24.50 per share. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 183,673 shares of common stock. On June 1, 2018, the underwriters exercised the option in full, and an additional 183,673 shares of common stock were issued and sold on June 5, 2018. The public offering resulted in gross proceeds to the Company of approximately $34.5 million, or $32.2 million net of the underwriting discount and other offering fees and expenses. We used the net proceeds from the public offering to repay amounts outstanding under the Company’s revolving credit facility. The public offering’s impact on the weighted average number of shares for the year ended December 31, 2018 is 0.8 million shares.

There were 323,250, 590,350, and 844,000 options to purchase shares of common stock, at an average price of $32.36, $30.63, and $27.13 for the years ended December 31, 2018, 2017 and 2016, respectively, that were not included in the computation of diluted net income per common share because their respective exercise prices were greater than the average market price of our common stock.

An adjustment for interest expense on convertible notes was excluded from the income per share calculation for the years ended December 31, 2017 and 2016 as it would have been antidilutive.

The calculations of diluted earnings per share for the years ended December 31, 2017 and 2016 exclude 268,351 shares and 408,459 shares, respectively, for the assumed conversion of the Notes as inclusion would have been antidilutive.

The calculation of diluted earnings per share for the year ended December 31, 2016 excludes 6,575 shares for outstanding options and restricted stock units under our share incentive plans, as the impact would have been antidilutive.