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EARNINGS PER SHARE DATA
 12 Months Ended
Dec. 31, 2014
EARNINGS PER SHARE DATA [Abstract]  
EARNINGS PER SHARE DATA
NOTE 12 - EARNINGS PER SHARE DATA

Basic earnings per share is computed based on weighted average shares outstanding and excludes dilutive securities. Diluted earnings per share is computed including the impacts of all potentially dilutive securities.

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):

 
December 31,
           
 
2014
 
2013
 
2012
Basic:
         
Weighted average shares outstanding
14,639
 
14,439
 
14,374
           
Net income (loss)
$    (45,238)
 
$  60,237
 
$  50,985
Convertible preferred stock dividend
(90)
 
(90)
 
(90)
Net income (loss)  attributable to common shareholders
 
$    (45,328)
 
 
$  60,147
 
 
$  50,895
Per share amount
$        (3.10)
 
$      4.17
 
$       3.54
           
Diluted:
         
Weighted average shares outstanding
14,639
 
14,439
 
14,374
Assumed conversion of convertible
 preferred stock
-
 
840
 
840
Total dilutive shares
14,639
 
15,279
 
15,214
Net income (loss) attributable to
 common shareholders
$    (45,328)
 
$  60,147
 
$  50,895
Convertible preferred stock dividend
-
 
90
 
90
Net income (loss) for diluted
 earnings per share
$    (45,328)
 
$  60,237
 
$  50,985
Per share amount
$        (3.10)
 
$    3.94
 
$    3.35

Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the period and excludes dilutive securities. Diluted earnings per share reflects the potential dilution that could occur if the preferred stock was converted into common stock. Restricted stock is considered a participating security and is included in the computation of basic earnings per share as if vested. Because holders of Preferred Stock do not participate in losses, the loss was not allocated to Preferred Stock for fiscal year 2014. The Preferred Stock is convertible into 840,000 shares of common stock.