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	June 30, 2015		June 30, 2014

Numerator:
Net income (loss)	$	11,353	$	10,154

Denominator:
Denominator for basic earnings per share – weighted average shares	20,737		20,715

Effect of dilutive securities:
Employee stock options	99		120

Denominator for diluted earnings per share – weighted average shares	20,836		20,835

The weighted average of employee stock options excluded from the determination of diluted net income per common and common equivalent share for the second quarter was 49,000 in 2015 and 49,000 in 2014. 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
In Thousands	June 30, 2015		June 30, 2014

Numerator:
Net income (loss)	$	22,141	$	21,007

Denominator:
Denominator for basic earnings per share – weighted average shares	20,731		20,709

Effect of dilutive securities:
Employee stock options	78		128

Denominator for diluted earnings per share – weighted average shares	20,809		20,837

The weighted average of employee stock options excluded from the determination of diluted net income per common and common equivalent share for the six months ended June 30 was 94,000 in 2015 and 34,000 in 2014. Such options were anti-dilutive for the respective periods.