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	September 30, 2015		September 30, 2014

Numerator:
Net income (loss)	$	14,511	$	11,063

Denominator:
Denominator for basic earnings per share – weighted average shares	20,716		20,718

Effect of dilutive securities:
Employee stock options	58		101

Denominator for diluted earnings per share – weighted average shares	20,774		20,819

The weighted average of employee stock options excluded from the determination of diluted net income per common and common equivalent share for the third quarter was 148,000 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:



	Nine Months Ended
In Thousands	September 30, 2015		September 30, 2014

Numerator:
Net income (loss)	$	36,652	$	32,070

Denominator:
Denominator for basic earnings per share – weighted average shares	20,726		20,712

Effect of dilutive securities:
Employee stock options	71		119

Denominator for diluted earnings per share – weighted average shares	20,797		20,831

The weighted average of employee stock options excluded from the determination of diluted net income per common and common equivalent share for the nine months ended September 30 was 112,000 in 2015 and 39,000 in 2014. Such options were anti-dilutive for the respective periods.