NOTE 9 – NET EARNINGS PER SHARE

The following presents a reconciliation of the net earnings and shares used in calculating basic and diluted net earnings per share:

Three months ended September 30, 2017	Net Earnings (Numerator)		Number of Shares (Denominator)		Per Share Amount
Basic EPS – Net earnings and weighted average common shares outstanding	$	16,043		31,906,629	$	.50

Effect of dilutive securities – stock options, restricted stock, and performance shares				334,827

Diluted EPS – Net earnings and weighted average common shares outstanding and effect of stock options, restricted stock, and performance shares	$	16,043		32,241,456	$	.50

Three months ended September 30, 2016	Net Earnings (Numerator)		Number of Shares (Denominator)		Per Share Amount
Basic EPS – Net earnings and weighted average common shares outstanding	$	14,012		31,566,067	$	.44

Effect of dilutive securities – stock options, restricted stock, and performance shares				412,736

Diluted EPS – Net earnings and weighted average common shares outstanding and effect of stock options, restricted stock, and performance shares	$	14,012		31,978,803	$	.44

Nine months ended September 30, 2017	Net Earnings (Numerator)		Number of Shares (Denominator)		Per Share Amount
Basic EPS – Net earnings and weighted average common shares outstanding	$	48,096		31,803,869	$	1.51

Effect of dilutive securities – stock options, restricted stock, and performance shares				399,617

Diluted EPS – Net earnings and weighted average common shares outstanding and effect of stock options, restricted stock, and performance shares	$	48,096		32,203,486	$	1.49

Nine months ended September 30, 2016	Net Earnings (Numerator)		Number of Shares (Denominator)		Per Share Amount
Basic EPS – Net earnings and weighted average common shares outstanding	$	40,048		31,483,053	$	1.27

Effect of dilutive securities – stock options, restricted stock, and performance shares				404,209

Diluted EPS – Net earnings and weighted average common shares outstanding and effect of stock options, restricted stock, and performance shares	$	40,048		31,887,262	$	1.26

The Company had stock options covering 200,610 and 332,560 shares at September 30, 2017 and 2016, respectively, that could potentially dilute basic earnings per share in future periods that were not included in diluted earnings per share because their effect on the period presented was anti-dilutive.

The Company has some share-based payment awards that have non-forfeitable dividend rights. These awards are restricted shares and they participate on a one-for-one basis with holders of common stock. These awards have an immaterial impact as participating securities with regard to the calculation using the two-class method for determining earnings per share.