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Earnings per Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
6.
Earnings per Share
 
Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of common stock outstanding adjusted for the effect of dilutive common stock equivalents.
 
The following table sets forth the computation of basic and diluted EPS for the three months ended March 31:
 
 
 
Three Months Ended March 31,
 
 
 
2015
 
2014
 
Numerator:
 
 
 
 
 
 
 
Income from continuing operations
 
$
4,416,000
 
$
6,545,000
 
Income (loss) from discontinued operations
 
 
28,000
 
 
(578,000)
 
Net income
 
$
4,444,000
 
$
5,967,000
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average shares of common stock outstanding
 
 
12,108,202
 
 
13,160,294
 
Effect of dilutive common stock equivalents
 
 
88,592
 
 
87,862
 
 
 
 
 
 
 
 
 
Weighted average shares of common stock outstanding
 
 
12,196,794
 
 
13,248,156
 
 
 
 
 
 
 
 
 
EPS:
 
 
 
 
 
 
 
Basic earnings per share
 
 
 
 
 
 
 
Earnings per share from continuing operations
 
$
0.36
 
$
0.49
 
Earnings (loss) per share from discontinued operations
 
$
0.00
 
$
(0.04)
 
Earnings per share
 
$
0.36
 
$
0.45
 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
 
 
 
 
 
 
Earnings per share from continuing operations
 
$
0.36
 
$
0.49
 
Earnings (loss) per share from discontinued operations
 
$
0.00
 
$
(0.04)
 
Earnings per share
 
$
0.36
 
$
0.45
 
 
The calculation of diluted earnings per share excluded 79,925 and 59,542 options outstanding for the three months ended March 31, 2015 and 2014, respectively, that could potentially dilute base earnings per share in the future.