Basic earnings (loss) per share have been computed by dividing net earnings (loss) by the weighted average number of common shares outstanding during the applicable period. Diluted earnings (loss) per share reflect the potential dilution that could occur if stock options or other contracts to issue common shares were exercised or converted into common stock.

The following table sets forth the computation for basic and diluted earnings (loss) per share for the fiscal years ended:

	2020		2019		2018
Basic weighted average common shares outstanding		26,036,393		25,829,804		25,391,998
Effect of dilutive options		—		12,375		25,246
Diluted weighted average common shares outstanding		26,036,393		25,842,179		25,417,244
Earnings per share - basic and diluted
Earnings per share on continuing operations	$	1.47	$	1.45	$	1.29
Earnings per share on discontinued operations		—		—		0.01
Net earnings	$	1.47	$	1.45	$	1.30
Cash dividends	$	0.900	$	0.875	$	0.875

The Company treats unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share. Our unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Accordingly, the presentation above is prepared on a combined basis. For fiscal years 2019 and 2018, all options were included in the diluted earnings per share computation because the average fair market value of the Company’s stock exceeded the exercise price of the options. No options were outstanding at the end of fiscal year 2020.