Annual report pursuant to section 13 and 15(d)

NET INCOME PER COMMON SHARE

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NET INCOME PER COMMON SHARE
 12 Months Ended
Dec. 31, 2013
NET INCOME PER COMMON SHARE [Abstract]  
NET INCOME PER COMMON SHARE
NOTE 16 - NET INCOME PER COMMON SHARE

   
Year ended December 31,
  
   
2013
    
2012
    
2011
  
   
(thousands of dollars)
  
                   
Net income
   $ 19,498     $ 10,321     $ 13,884  
                         
Basic earnings per common share:
                        
    Weighted average shares outstanding
     24,115       24,081       23,993  
                         
    Per share amount (dollars)
   $ 0.81     $ 0.43     $ 0.58  
Diluted earnings per common share:
                        
    Weighted average shares outstanding
     24,745       24,745       24,267  
                         
    Per share amount (dollars)
   $ 0.79     $ 0.42     $ 0.57  

Weighted average shares-denominator basic computation
    24,115       24,081       23,993  
Effect of dilutive stock options
     630       664       274  
Weighted average shares, as adjusted denominator diluted computation
    24,745       24,745       24,267  

At December 31, 2013, 2012, and 2011, 1,226,360, 1,173,180 and 1,347,750 potential common stock shares, respectively, were issuable upon the exercise of options.

The earnings per share calculations for the periods ended December 31, 2013, 2012, and 2011, include 300,000 shares of the Company that are held in the treasury of TOCCO.