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
In Thousands	March 31, 2015		March 31, 2014

Numerator:
Net income (loss)	$	10,789	$	10,854

Denominator:
Denominator for basic earnings per share – weighted average shares	20,725		20,703

Effect of dilutive securities:
Employee stock options	57		136

Denominator for diluted earnings per share – weighted average shares	20,782		20,839

The weighted average of employee stock options excluded from the determination of diluted net income per common and common equivalent share for the first quarter was 140,000 in 2015 and 19,000 in 2014. Such options were anti-dilutive for the respective periods.