Earnings Per Share

12 Months Ended

Dec. 31, 2016


	Earnings Per Share

The computations of Basic and Diluted Earnings per Share for the years ended December 31 were as follows:



	2016		2015		2014
Numerator:
Net Earnings	$	46,614	$	32,088	$	50,651
Denominator:
Basic - Weighted Average Shares Outstanding	17,523,267		18,015,151		18,217,384
Effect of dilutive securities	452,916		478,296		523,474
Diluted - Weighted Average Shares Outstanding	17,976,183		18,493,447		18,740,858
Basic Earnings per Share	$	2.66	$	1.78	$	2.78
Diluted Earnings per Share	$	2.59	$	1.74	$	2.70

Options to purchase 356,598, 222,092 and 91,199 shares of Common Stock were outstanding during 2016, 2015 and 2014, respectively, but were not included in the computation of diluted earnings per share. These exclusions are made if the exercise prices of these options are greater than the average market price of our Common Stock for the period, if the number of shares we can repurchase under the treasury stock method exceeds the weighted shares outstanding in the options, or if we have a net loss, as the effects are anti-dilutive.