INCOME PER COMMON SHARE

12 Months Ended

Dec. 31, 2014

INCOME PER COMMON SHARE

NOTE H — INCOME PER COMMON SHARE

Basic income per common share has been computed by dividing net income by the weighted-average number of shares of the Company’s common stock outstanding. Diluted income per common share adjusts net income and basic income per common share for the effect of all potentially dilutive shares of the Company’s common stock. The calculations of basic and diluted income per common share for the years ended December 31, 2014, 2013, and 2012 are as follows:

	2014		2013		2012
	(in thousands - except per share amounts)
Net income – Basic and Diluted	$	1,544	$	9,281	$	20,947
Weighted-average shares outstanding – Basic		13,519		12,757		12,511
Effect of dilutive securities:
Stock options		455		286		299
Weighted-average shares outstanding – Diluted		13,974		13,043		12,810
Basic income per common share	$	0.11	$	0.73	$	1.67
Diluted income per common share	$	0.11	$	0.71	$	1.64

The computations of diluted income per common share for the years ended December 31, 2014, 2013 and 2012 and excludes options to purchase 2,004,836, 1,417,145 and 1,450,200 shares of the Company’s common stock, respectively. The above shares were excluded due to their antidilutive effect.