| NET INCOME PER COMMON SHARE
The following table illustrates the computation of basic and diluted net income per common share for the periods indicated (in thousands, except per share data):
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Year Ended December 31, |
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2017 |
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2016 |
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2015 |
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Income |
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Shares |
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Per Share |
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Income |
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Shares |
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Per Share |
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Income |
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Shares |
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Per Share |
Basic net income per common share: |
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Net income available to common stockholders |
$ |
23,578 |
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11,251 |
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$ |
2.10 |
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$ |
55,086 |
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11,382 |
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$ |
4.84 |
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$ |
47,241 |
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12,302 |
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$ |
3.84 |
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Effect of dilutive securities: |
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Warrants to purchase common stock |
— |
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— |
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— |
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— |
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— |
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21 |
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Non-vested restricted stock |
— |
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16 |
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— |
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25 |
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— |
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49 |
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Diluted net income per common share: |
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Net income available to common stockholders plus assumed conversions |
$ |
23,578 |
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11,267 |
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$ |
2.09 |
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$ |
55,086 |
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11,407 |
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$ |
4.83 |
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$ |
47,241 |
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12,372 |
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$ |
3.82 |
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Warrants to purchase 88,097 shares of common stock were exercised during April 2015.
Certain non-vested restricted stock is anti-dilutive upon applying the treasury stock method since the amount of compensation cost for future service results in the hypothetical repurchase of shares exceeding the actual number of shares to be vested. Non-vested restricted stock totaling 2,232 and 345 shares were not included for the years ended December 31, 2017 and 2016, respectively, as their effect would have been anti-dilutive.
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