Weighted-Average Number of Shares Used in Computing Earnings Per Share

6 Months Ended

Jun. 30, 2015

Weighted-Average Number of Shares Used in Computing Earnings Per Share

The following table sets forth the weighted-average number of shares used in the computation of earnings per share:



	Three Months Ended June 30,		Six Months Ended June 30,
	2015	2014	2015	2014
	(In whole shares)
Weighted average basic shares outstanding	12,230,100	12,086,973	12,198,169	12,055,678
Plus dilutive impact of employee stock awards	197,295	285,216	230,321	299,743
Weighted average diluted shares outstanding	12,427,395	12,372,189	12,428,490	12,355,421

Earnings per common share is computed as net income less net income attributable to noncontrolling interests divided by the weighted average basic shares outstanding. Diluted earnings per common share is computed as net income less net income attributable to noncontrolling interests divided by the weighted average diluted shares outstanding.

Outstanding stock options with exercise prices greater than the average price of the common shares are anti-dilutive and are excluded in the computation of diluted earnings per share. For the three and six months ended June 30, 2015 and 2014, there were no anti-dilutive shares.