Note 7 - Earnings Per Share

3 Months Ended

Mar. 31, 2017

NOTE

– Earnings Per Share:

Historical basic per share data is based on the weighted average number of shares outstanding. Historical diluted per share data is reconciled by adding to weighted average shares outstanding the dilutive impact of the exercise of outstanding stock options, stock appreciation rights, unvested shares, and performance shares.

	Three Months Ended March 31,
	2017		2016
Net earnings used in the computation of basic and diluted earnings per share	$	3,835,000	$	2,442,000

Weighted average shares outstanding - basic		14,350,721		13,927,063
Common stock equivalents		578,974		741,595
Weighted average shares outstanding - diluted		14,929,695		14,668,658
Per Share Data:
Basic
Net earnings	$	0.27	$	0.18
Diluted
Net earnings	$	0.26	$	0.17

Awards to purchase approximately

149,800

and

193,150

shares of common stock with weighted average exercise prices of

$18.65

and

$18.34

per share were outstanding during the

three

-month periods ending

March

31,

2017

and

2016,

respectively, 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.