Computation of Earnings Per Share

3 Months Ended

Mar. 31, 2018

NOTE F – 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 months ended March 31, 2018 and 2017 was as follows:

	Three Months Ended March 31
	2018		2017
Numerator
Net income	$	5,528	$	1,518
Denominator
Determination of shares
Weighted-average common shares outstanding		5,046		5,118
Dilutive effect - share-based awards		18		12
Diluted weighted-average common shares outstanding		5,064		5,130
Earnings per common share
Basic	$	1.10	$	0.30
Diluted	$	1.09	$	0.30

For the three months ended March 31, 2018 and 2017, 12,000 and 33,350 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.