EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2016

NOTE 13 - EARNINGS PER SHARE

Basic earnings per share (“Basic EPS”) is computed using the weighted average number of common shares outstanding during the period, inclusive of nonvested share-based awards that are entitled to receive non-forfeitable dividends. The diluted earnings per share (“Diluted EPS”) computation takes into account the effect of potential dilutive common shares. Potential dilutive common shares, consisting primarily of outstanding stock options, warrants and director deferred shares, are calculated using the treasury stock method.

The following table presents a reconciliation of the shares used in the computation of Basic EPS and Diluted EPS (in thousands):



	Three Months Ended
	March 31,
	2016	2015
Shares
Basic shares outstanding	20,611	22,965
Dilutive effect of outstanding director units and stock options	278	274
Diluted shares outstanding	20,889	23,239