Note 6 - Earnings per Common Share

12 Months Ended

Dec. 31, 2015

6. Earnings p

er Common Share

Basic and diluted earnings per common share were computed as follows:

(In thousands, except per share amounts)	20 15		2014		2013
Numerator:
Net income	$	35,745	$	29,834	$	30,147
Denominator:
Basic earnings per common share - weighted-average shares		33,477		33,381		33,221
Effect of dilutive stock options		238		297		208
Diluted earnings per common share - weighted-average shares and assumed conversions		33,715		33,678		33,429
Basic earnings per common share	$	1.07	$	0.89	$	0.91
Diluted earnings per common share	$	1.06	$	0.89	$	0.90

Options totaling 325,400, 176,500 and 304,600 equivalent shares were outstanding but were not included in the calculation of diluted earnings per share for 2015, 2014 and 2013, respectively, because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive.

Unvested performance unit awards (see Note 13) totaling 69,655, 39,885 and 47,636 equivalent shares for 2015, 2014 and 2013, respectively, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive.