Note 8 - Income Per Share

9 Months Ended

Sep. 30, 2016

Note 8: Income per share

The Company presents basic income per share and diluted income per share in its consolidated statements of operations. Basic income per share amounts are computed by dividing net income by the weighted average number of common shares outstanding. Diluted income per share reflects additional common shares that would have been outstanding if potentially dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding restricted stocks and would be determined using the treasury stock method. The Company also provides a reconciliation of the numerator and denominator used in the computation of both basic and diluted income per share.

The Company had no outstanding stock options as of September 30, 2016 or December 31, 2015. The following is information about the computation of income per share for the three months ended September 30, 2016 and 2015:

Three months ended September 30, 2016:	Net Income		Weighted Average Common Shares Outstanding		Amount
Basic Income Per Share	$	814,000		3,958,718	$	0.21
Effect of Dilutive Securities
Non-vested Restricted Stock Grants		N/A		-		N/A

Diluted Income Per Share	$	814,000		3,958,718	$	0.21


Three months Ended September 30, 2015:
Basic Income Per Share	$	633,000		3,872,298	$	0.16
Effect of Dilutive Securities
Non-vested Restricted Stock Grants		N/A		34,622		N/A

Diluted Income Per Share	$	633,000		3,906,920	$	0.16

The following is information about the computation of income per share for the nine months ended September 30, 2016 and 2015:

Nine months ended September 30, 2016:	Net Income		Weighted Average Common Shares Outstanding		Amount
Basic Earnings Per Share	$	885,000		3,957,343	$	0.22
Effect of Dilutive Securities
Non-vested Restricted Stock Grants		N/A		-		N/A

Diluted Income Per Share	$	885,000		3,957,343	$	0.22


Nine months Ended September 30, 2015:
Basic Income Per Share	$	1,611,000		3,872,074	$	0.42
Effect of Dilutive Securities
Non-vested Restricted Stock Grants		N/A		30,699		N/A

Diluted Income Per Share	$	1,611,000		3,902,773	$	0.41