Computation of Earnings Per Share

12 Months Ended

Dec. 31, 2015

Note I - Computation of Earnings Per Share

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

The calculation of basic and diluted earnings per share for the year ended December 31 was as follows:


	2015		2014		2013
Numerator
Net income	$	6,675	$	12,861	$	20,587


Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding		5,350		5,377		5,361
Dilutive effect - share-based awards		16		5		106

Diluted weighted-average common shares outstanding		5,366		5,382		5,467


Earnings per common share
Basic	$	1.25	$	2.39	$	3.84


Diluted	$	1.24	$	2.39	$	3.77

For the year ended December 31, 2015, 2014 and 2013, 58,350, 25,000 and 1,500 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.

For the year ended December 31, 2015, 2014 and 2013, 0, 52,368 and 0 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.