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Computation of Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

NOTE E – COMPUTATION OF EARNINGS PER SHARE

Basic earnings per share was computed by dividing Net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing Net income by the weighted-average of all potentially dilutive common stock that was outstanding during the periods presented.

The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 was as follows:

 

     Three Months Ended
September 30		      Nine Months Ended
September 30		  
     2014      2013      2014      2013  

Numerator

            

Net income

    $ 2,555       $ 6,104       $ 10,373       $ 17,455   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator

            

Determination of shares

            

Weighted-average common shares outstanding

      5,372         5,361         5,384         5,369   

Dilutive effect - share-based awards

      4         88         5         81   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted-average common shares outstanding

      5,376         5,449         5,389         5,450   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per common share

            

Basic

    $ 0.48       $ 1.14       $ 1.93       $ 3.25   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.48       $ 1.12       $ 1.92       $ 3.20   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

For the three and nine months ended September 30, 2014, 25,750 and 20,750 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. For the three and nine months ended September 30, 2013, 22,500 and 17,750 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.

For the three and nine months ended September 30, 2014, 51,425 and 49,967 restricted share units, respectively, were excluded from the calculation of diluted earnings per share as the effect of the exercise would have been anti-dilutive. For the three and nine months ended September 30, 2013, no restricted shares were excluded from the calculation of diluted earnings per share as the effect of the exercise would not have been anti-dilutive.