Note 13 - Earnings Per Share

12 Months Ended

Dec. 31, 2015

13.	EARNINGS PER SHARE

Basic earnings per common share was computed by dividing net income by the weighted average number of shares outstanding during the period. Diluted earnings per common share was calculated as follows:

	For the Year Ended December 31,
	2015		2014		2013
	(in thousands, except per share data)

Net income	$	21,436	$	13,491	$	5,915

Basic weighted average common shares outstanding		7,288		7,990		8,662
Dilutive effect of common stock equivalents		37		44		20

Diluted weighted average common shares outstanding		7,325		8,034		8,682

Basic earnings per share	$	2.94	$	1.69	$	0.68

Diluted earnings per share	$	2.93	$	1.68	$	0.68

Average options outstanding to purchase 14,915 shares of common stock for December 31, 2013 were not included in the computation of diluted earnings per share because to do so would have an anti-dilutive effect.