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Computation of Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

Note I - Computation of Earnings Per Share

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

The calculation of basic and diluted earnings per share for the year ended December 31 was as follows:

 

 

 

2016

 

 

2015

 

 

2014

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

15,255

 

 

$

6,675

 

 

$

12,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Determination of shares (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

5,166

 

 

 

5,350

 

 

 

5,377

 

Dilutive effect - share-based awards

 

 

12

 

 

 

16

 

 

 

5

 

Diluted weighted-average common shares outstanding

 

 

5,178

 

 

 

5,366

 

 

 

5,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.95

 

 

$

1.25

 

 

$

2.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

$

2.95

 

 

$

1.24

 

 

$

2.39

 

 

For the year ended December 31, 2016, 2015 and 2014, 56,850, 58,350 and 25,000 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.