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Computation of Earnings Per Share
9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

NOTE E – COMPUTATION OF EARNINGS PER SHARE

Basic earnings per share were computed by dividing Net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing Net income by the weighted-average of all potentially dilutive common stock that was outstanding during the periods presented.

The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014 was as follows:

 

     Three Months Ended September 30      Nine Months Ended September 30  
     2015      2014      2015      2014  

Numerator

           

Net income

   $ 206       $ 2,555       $ 3,630       $ 10,373   
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator

           

Determination of shares

           

Weighted-average common shares outstanding

     5,356         5,372         5,381         5,384   

Dilutive effect - share-based awards

     16         4         16         5   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted weighted-average common shares outstanding

     5,372         5,376         5,397         5,389   
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings per common share

           

Basic

   $ 0.04       $ 0.48       $ 0.67       $ 1.93   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted

   $ 0.04       $ 0.48       $ 0.67       $ 1.92   
  

 

 

    

 

 

    

 

 

    

 

 

 

For the three and nine months ended September 30, 2015, 59,750 and 51,850 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. For the three and nine months ended September 30, 2014, 25,750 and 20,750 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.

 

For the three and nine months ended September 30, 2015, there were no restricted share units excluded from the calculation of diluted earnings per share. For the three and nine months ended September 30, 2014, 51,425 and 49,967 restricted share units, respectively, were excluded from the calculation of diluted earnings per share as the effect of the settlement in common shares would have been anti-dilutive.