The computations of basic and diluted earnings per share are as follows:



	Quarter Ended				Year to Date Ended
	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Operations:
Net operating income^(a)	$	6,771	$	6,228	$	19,712	$	16,112
Less: Amounts allocated to participating securities (nonvested shares and units)^(b)	222		268		653		692
Net income attributable to common shareholders	$	6,549	$	5,960	$	19,059	$	15,420

Share information:
Basic weighted average common shares^(c)(d)	17,154,303		17,334,330		17,315,890		17,286,258
Incremental shares from potential dilutive securities^(e)	769		229		759		—
Diluted weighted average common shares	17,155,072		17,334,559		17,316,649		17,286,258

Basic and diluted earnings per share	$	0.38	$	0.34	$	1.10	$	0.89


^(a)	Net operating income attributable to all shareholders.


^(b)	Participating securities include 128,500 and 301,598 nonvested restricted shares at September 30, 2015 and 2014, respectively.


^(c)	Under the two-class method, basic weighted average common shares exclude outstanding nonvested, participating securities consisting of restricted share awards of 128,500 and 301,598 at September 30, 2015 and 2014, respectively.


^(d)	Basic weighted average common shares were affected by the September 1, 2015, purchase of 950,000 shares of common stock in a privately-negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc. pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. is the 70 percent owner of ICP, the Company's 30 percent equity method investment.

^(e)

Anti-dilutive shares related to stock options totaled 0 and 6,000 for the quarters ended September 30, 2015 and 2014, respectively, and 0 and 8,667 for the year to date periods ended September 30, 2015 and 2014. There were dilutive shares related to stock options totaling 4,000 and 4,000 for the quarters ended September 30, 2015 and 2014, respectively, and 4,000 and 1,333 for the year to date periods ended September 30, 2015 and 2014, respectively. The dilutive shares resulted in potential dilutive securities of 769 and 229 for the quarters ended September 30, 2015 and 2014, respectively, and 759 and 0 for the year to date periods ended September 30, 2015 and 2014, respectively.