Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share

14. EARNINGS PER SHARE

Basic earnings per share information is calculated by dividing net income by the weighted average number of shares outstanding. Diluted earnings per share information is calculated by also considering the impact of potential common stock on both net income and the weighted average number of shares outstanding. The Company’s potential common stock consists of employee and director stock options, restricted stock, and performance share awards. Performance share awards are included in the diluted earnings per share calculation when the performance criteria are achieved. The Company’s potential common stock is excluded from the basic earnings per share calculation and is included in the diluted earnings per share calculation when doing so would not be anti-dilutive. For the years ended December 31, 2014, 2013 and 2012, the Company did not have any outstanding performance share awards.

A reconciliation of the number of common shares used in the calculation of basic and diluted earnings per share (EPS) is presented below:

	Years Ended December 31,
	2014					2013					2012
	Shares		Per-Share Amount			Shares		Per-Share Amount			Shares		Per-Share Amount
Basic EPS		17,247,727	$	1.95			17,087,104	$	1.26			16,910,830	$	1.36
Effect of dilutive securities		168,726		(0.02	)		154,011		(0.01	)		218,298		(0.02	)
Diluted EPS		17,416,453	$	1.93			17,241,115	$	1.25			17,129,128	$	1.34
Securities excluded from the determination of weighted average shares for the calculation of diluted EPS, as they were antidilutive		520,739					403,649					238,266