Note 10 - Earnings Per Share

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 10. Earnings Per Share 

EPS is computed by dividing reported net income by the weighted-average number of shares outstanding. Diluted EPS considers the potential dilution that could occur if common stock equivalents were exercised or converted into stock. The difference between the basic and diluted weighted-average equivalent shares with respect to the Company’s EPS calculation is due entirely to the assumed exercise of stock options and the vesting and settlement of RSUs.

Performance awards are included in the computation of diluted shares only to the extent that the underlying performance conditions (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related performance period and the result would be dilutive under the treasury stock method.

The Company’s performance awards outstanding at March 31, 2015 did not meet the related performance conditions and therefore were excluded from the calculation of diluted EPS.

The dilutive effect of stock options and RSUs excludes shares that would be anti-dilutive to the calculation of EPS if included. For the three-month periods ended March 31, 2015 and 2014, approximately 0.2 million and less than 0.1 million anti-dilutive weighted-average shares were excluded from the calculation of EPS, respectively.

The dilutive effect of stock options and RSUs for each period reported is summarized below:

	Three Months Ended March 31 ,
	201 5		201 4
Net Income	$	7,900	$	9,716
Weighted-average number of basic shares outstanding during the period		19,450		19,804
Dilutive effect of stock options and RSUs		388		473
Weighted-average number of diluted shares outstanding during the period		19,838		20,277
Basic earnings per share	$	0.41	$	0.49
Diluted earnings per share	$	0.40	$	0.48