Computation of Earnings Per Share

6 Months Ended

Jun. 30, 2015

NOTE E – COMPUTATION OF EARNINGS PER SHARE

Basic earnings per share were 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 six months ended June 30, 2015 and 2014 was as follows:


	Three Months Ended June 30				Six Months Ended June 30
	2015		2014		2015		2014
Numerator
Net income	$	3,680	$	5,080	$	3,424	$	7,818

Denominator
Determination of shares
Weighted-average common shares outstanding		5,392		5,389		5,394		5,390
Dilutive effect - share-based awards		1		4		2		40

Diluted weighted-average common shares outstanding		5,393		5,393		5,396		5,430

Earnings per common share
Basic	$	0.68	$	0.94	$	0.63	$	1.45

Diluted	$	0.68	$	0.94	$	0.63	$	1.44

For the three and six months ended June 30, 2015, 53,100 and 51,650 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 six months ended June 30, 2014, 23,500 and 18,500 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 six months ended June 30, 2015, 16,486 and 14,641 restricted share units, respectively, were excluded from the calculation of diluted earnings per share as the effect of the settlement in common shares would have been anti-dilutive. For the three and six months ended June 30, 2014, 59,739 and 12,066 restricted share units, respectively, were excluded from the calculation of diluted earnings per share as the effect of the settlement in common shares would have been anti-dilutive.