Note 13 - Earnings Per Share

12 Months Ended

Dec. 31, 2015

NOTE 13 – Earnings Per Share:

The following table represents a reconciliation of basic and diluted earnings per share:

	2015		2014
Net earnings used in the computation of basic and diluted earnings per share	$	13,066,000	$	11,349,000
Weighted average shares outstanding - basic		13,761,009		13,298,452
Common stock equivalents		817,635		566,246
Total weighted average shares outstanding - diluted		14,578,644		13,864,698
Per Share Data:
Basic
Net earnings	$	0.95	$	0.85
Diluted
Net earnings	$	0.90	$	0.82

Awards to purchase an average of 108,400 shares of common stock with a weighted average exercise price of $17.98 per share were outstanding during 2015 but were not included in the computation of diluted EPS because the awards’ exercise prices were greater than the average market price of the common shares. Awards to purchase an average of 34,440 shares of common stock with a weighted average exercise price of $10.03 per share were outstanding during 2014 but were not included in the computation of diluted EPS because the awards’ exercise prices were greater than the average market price of the common shares.