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Note H - Earnings Per Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

NOTE H: EARNINGS PER SHARE


Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive stock options. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows:


   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 
   

2014

   

2013

   

2014

   

2013

 
   

(in thousands, except per share data)

 
                                 

Net income

  $ 4,945     $ 2,682     $ 6,302     $ 2,226  
                                 

Basic weighted average common shares outstanding

    7,992       8,658       7,989       8,673  

Dilutive effect of common stock equivalents

    43       1       44       2  

Diluted weighted average common shares outstanding

    8,035       8,659       8,033       8,675  
                                 

Basic earnings per share

  $ 0.62     $ 0.31     $ 0.79     $ 0.26  

Diluted earnings per share

  $ 0.62     $ 0.31     $ 0.78     $ 0.26  

Options to purchase 247,003 shares of common stock were outstanding at June 30, 2013 but were not included in the computation of diluted earnings per share because to do so would have an anti-dilutive effect.