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EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2011
EARNINGS PER SHARE 
EARNINGS PER SHARE

NOTE 3. EARNINGS PER SHARE

 

Basic earnings per share is computed by dividing reported net earnings by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the additional dilution for all potentially dilutive securities such as stock options. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations (shares in thousands):

 

 

 

Three Months Ended September 30,

 

 

 

2011

 

2010

 

 

 

Shares

 

Per Share
Amount

 

Shares

 

Per Share
Amount

 

Basic

 

16,138

 

$

0.00

 

16,133

 

$

0.17

 

Effect of dilutive stock options

 

96

 

—

 

77

 

—

 

Diluted

 

16,234

 

$

0.00

 

16,210

 

$

0.17

 

 

 

 

Nine Months Ended September 30,

 

 

 

2011

 

2010

 

 

 

Shares

 

Per Share
Amount

 

Shares

 

Per Share
Amount

 

Basic

 

16,138

 

$

0.32

 

16,129

 

$

0.48

 

Effect of dilutive stock options

 

89

 

(0.01

)

65

 

—

 

Diluted

 

16,227

 

$

0.31

 

16,194

 

$

0.48

 

 

Excluded from the computation of diluted earnings per share are options where the exercise prices are greater than the market price as their effects would be anti-dilutive in the computation of diluted earnings per share.  For the calculation of earnings per share for the three months ended September 30, 2011 and 2010, 1,754,831 and 1,544,963, respectively, were excluded.