Note H - Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE H: EARNINGS PER SHARE

Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive stock options. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(in thousands, except per share data)
Net income	$	2,393	$	881	$	4,619	$	2,490
Basic weighted average common shares outstanding		8,654		8,702		8,667		8,700
Dilutive effect of common stock equivalents		9		1		4		2
Diluted weighted average common shares outstanding		8,663		8,703		8,671		8,702
Basic earnings per share	$	0.28	$	0.10	$	0.53	$	0.29
Diluted earnings per share	$	0.28	$	0.10	$	0.53	$	0.29

Options to purchase 26,000 and 231,442 shares of common stock were outstanding at September 30, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because to do so would have an anti-dilutive effect.