4. Per Share Data:

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

4. Per Share Data:

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average outstanding common shares during the period. Diluted earnings per share is calculated by dividing net income by the number of shares outstanding under the basic calculation and adding all dilutive securities, which consist of options. For the three months ended March 31, 2015, basic and diluted loss per common shares are the same as the effect of stock options is anti-dilutive. Basic and diluted net income per common share for the three months ended March 31, 2014 are the same, as the effect of stock options dilution is immaterial. For the three months ended March 31, 2014, shares underlying stock options included in the diluted computation amounted to 25,000 (out of 290,000 outstanding stock options) and using the treasury stock method resulted in an extra 2,459 weighted average shares for the diluted calculation. For the three months ended March 31, 2015, shares underlying stock options not included in the diluted computation amounted to 265,000.