Years ended December 31,

2014

2013

2012

Shares used in the calculation of Basic earnings per share

14,678,240

14,086,912

13,260,739

Effect of dilutive securities:

Stock options, SAR's, RSA's, and shares held in escrow

591,195

738,687

1,083,838

Diluted shares used in the calculation of earnings per share

15,269,435

14,825,599

14,344,577