Note 7 - Earnings Per Share

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

7

– 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 June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Net earnings used in the computation of basic and diluted earnings per share	$	4,341,000	$	3,308,000	$	8,176,000	$	5,750,000
Weighted average shares outstanding - basic		14,501,399		14,120,617		14,426,060		14,023,840
Common stock equivalents		539,032		836,852		559,003		789,224
Weighted average shares outstanding - diluted		15,040,431		14,957,469		14,985,063		14,813,064
Per Share Data:
Basic
Net earnings	$	0.30	$	0.23	$	0.57	$	0.41
Diluted
Net earnings	$	0.29	$	0.22	$	0.55	$	0.39

Awards to purchase approximately

153,000

shares of common stock with a weighted average exercise price of

$18.65

per share were outstanding during the

three

-month period ending

June 30, 2016,

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. There were

no

such awards outstanding during the

three

-month period ending

June 30, 2017.

Awards to purchase approximately

149,800

and

173,075

shares of common stock with weighted average exercise prices of

$18.65

and

$18.50

per share were outstanding during the

six

-month periods ending

June 30, 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.