Note 7 - Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

7.           EARNINGS PER SHARE

Net income per share has been calculated and presented for “basic” and “diluted” per share data.  “Basic” net income per share was computed by dividing net income by the weighted average number of common shares outstanding, whereas “diluted” net income per share was computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effects of options and restricted stock.  As of March 31, 2012, and 2011, the Company excluded 80,240 and 65,758 options and -0- and 37,745 restricted stock shares for each period, respectively, from the diluted net income per share computation because the exercise or grant price exceeded the fair market value of the common stock on such date.

The following table shows the amounts used in computing earnings per share and the effect on the weighted average number of shares of dilutive potential common stock:

	Three months ended March 31,
	(In thousands)
	2012		­ 2011
Weighted average shares and share equivalents – basic		6,719		6,654
Weighted average dilutive effect of options		174		147
Weighted average dilutive effect of restricted stock		14		8
Weighted average shares and share equivalents - dilutive		6,907		6,809