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

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
	2015	2014	2015	2014
	(In whole shares)
Weighted average basic shares outstanding	12,288,392	12,133,153	12,228,721	12,081,787
Plus dilutive impact of employee stock awards	109,976	235,242	186,352	276,021
Weighted average diluted shares outstanding	12,398,368	12,368,395	12,415,073	12,357,808

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 nine months ended September 30, 2015 and 2014, there were no anti-dilutive shares.