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
	September 30,		September 30,
In Thousands	2013		2012
Numerator:
Net income (loss)	$	13,802	$	5,527

Denominator:
Denominator for basic earnings per share – weighted average shares		20,680		20,657
Effect of dilutive securities:
Employee stock options		88		55

Denominator for diluted earnings per share – weighted average shares		20,768		20,712

Weighted average employee stock options excluded from the determination of diluted earnings per share for the third quarter was zero 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:


	Nine Months Ended
	September 30,		September 30,
In Thousands	2013		2012
Numerator:
Net income (loss)	$	35,699	$	14,590

Denominator:
Denominator for basic earnings per share – weighted average shares		20,663		22,022
Effect of dilutive securities:
Employee stock options		76		48

Denominator for diluted earnings per share – weighted average shares		20,739		22,070

The number of weighted average employee stock options excluded from the determination of diluted earnings per share for the nine months ended September 30 was 127,000 in 2013 and 175,000 in 2012. Such options were anti-dilutive for the respective periods.