Earnings per Share Basic earnings per share for our common stock is calculated by dividing net income attributable to Alico common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares of common stock issuable under equity-based compensation plans in accordance with the treasury stock method, or any other type of securities convertible into common stock, except where the inclusion of such common shares would have an anti-dilutive effect. The following table presents a reconciliation of basic to diluted weighted average common shares outstanding for fiscal years ended September 30, 2019, 2018 and 2017: For the fiscal years ended September 30, 2019, 2018 and 2017, the Company issued 10,000, 300,000 and 750,000, respectively, stock options to certain executives of the Company. Non-vested restricted shares of common stock entitle the holder to receive non-forfeitable dividends upon issuance and are included in the calculation of diluted earnings per common share. For the fiscal year ended September 30, 2017, the Company had stock options that were excluded from the diluted earnings per share because they were anti-dilutive. Stock-based compensation is measured based on the fair value of the equity award at the grant date and is typically expensed on a straight-line basis over the vesting period. Upon the vesting of restricted stock, the Company issues common stock from common shares held in treasury. Total stock-based compensation expense for the three years ended September 30, 2019 in general and administrative expense was as follows: Stock-Based Compensation (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Weighted Average Common Shares Outstanding - Basic 7,472 8,232 8,300 Effect of dilutive securities - stock options and unrestricted stock 21 69 — Weighted Average Common Shares Outstanding - Diluted 7,493 8,301 8,300 (in thousands) Fiscal Year Ended September 30, 2019 2018 2017 Stock compensation expense: Executives $ 778 $ 1,754 $ 880 Executive forfeitures (823 ) — — Board of Directors 869 859 773 Total stock compensation expense $ 824 $ 2,613 $ 1,653 58