NOTE 5 – EARNINGS PER SHARE

Net earnings (loss) per common and common equivalent share are computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock options, treated as common stock equivalents, is calculated using the treasury stock method.

The following table sets forth the computation of basic and diluted net earnings (loss) per share:


	Quarters Ended
	June 30,		June 30,
In Thousands	2013		2012
Numerator:
Net income (loss)	$	15,502	$	2,370

Denominator:
Denominator for basic earnings per share – weighted average shares		20,669		21,997

Effect of dilutive securities:
Employee stock options		69		40

Denominator for diluted earnings per share – weighted average shares		20,738		22,037

The number of weighted average employee stock options excluded from the determination of diluted earnings per share for the second quarter was 191,000 in 2013 and 193,000 in 2012. Such options were anti-dilutive for the respective periods.

The following table sets forth the computation of basic and diluted net earnings (loss) per share:


	Six Months Ended
	June 30,		June 30,
In Thousands	2013		2012
Numerator:
Net income (loss)	$	21,897	$	9,063

Denominator:
Denominator for basic earnings per share – weighted average shares		20,667		22,712

Effect of dilutive securities:
Employee stock options		69		45

Denominator for diluted earnings per share – weighted average shares		20,736		22,757

The number of weighted average employee stock options excluded from the determination of diluted earnings per share for the six months ended June 30 was 191,000 in 2013 and 166,000 in 2012. Such options were anti-dilutive for the respective periods.