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EARNINGS PER SHARE
6 Months Ended
Jun. 30, 2013
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 June 30,

 

 

 

2013

 

2012

 

 

 

Shares

 

Per Share
Amount

 

Shares

 

Per Share
Amount

 

Basic

 

16,192

 

$

0.38

 

16,139

 

$

0.11

 

Effect of dilutive stock options

 

510

 

(0.01

)

110

 

 

Diluted

 

16,702

 

$

0.37

 

16,249

 

$

0.11

 

 

 

 

Six Months Ended June 30,

 

 

 

2013

 

2012

 

 

 

Shares

 

Per Share
Amount

 

Shares

 

Per Share
Amount

 

Basic

 

16,170

 

$

0.64

 

16,139

 

$

0.21

 

Effect of dilutive stock options

 

367

 

(0.01

)

115

 

 

Diluted

 

16,537

 

$

0.63

 

16,254

 

$

0.21

 

 

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 three and six months ended June 30, 2013 options for 548,488 shares and 865,025 shares were excluded from the computation.  For the three and six months ended June 30, 2012 2,200,378 and 2,120,928 shares were excluded from the computation.