Earnings per Share

9 Months Ended

Sep. 30, 2016

Note H – Earnings per Share

Net loss was used as the numerator in computing both basic and diluted income per Common share for the

three-month and nine-month periods ended September 30, 2016 and 2015. The following table reconciles the weighted-average shares outstanding used for these computations.



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(Weighted-average shares)	2016	2015	2016	2015
Basic method	172,199,350	172,205,433	172,164,683	175,047,295
Dilutive stock options*	–	–	–	–
Diluted method	172,199,350	172,205,433	172,164,683	175,047,295

*Due to a net loss recognized by the Company for the three-month and nine-month periods ended September 30, 2016 and 2015, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been anti-dilutive.



	Three Months Ended			Nine Months Ended
		September 30,		September 30,
		2016	2015	2016		2015
Antidilutive stock options excluded from diluted shares		5,884,201	5,807,453		5,822,036	5,770,731
Weighted average price of these options	$	49.00	53.13		49.82	53.25