Note 7 - Earnings Per Share

6 Months Ended

Jun. 30, 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.  The Company excluded 76,901 and 97,546 options for the three-month periods ended June 30, 2012, and 2011 respectively, and 94,385 and 82,185 options from the six-month periods ended June 30, 2012, and 2011 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.  No restricted shares were excluded from the calculation during these periods.

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 June 30,  (In thousands)				Six months ended June 30,  (In thousands)
	2012		­ 2011		­  2012		­  2011­
Weighted average shares and share equivalents – basic		6,751		6,665		6,735		6,659
Weighted average dilutive effect of options		175		177		179		163
Weighted average dilutive effect of restricted stock		17		13		17		10
Weighted average shares and share equivalents - dilutive		6,943		6,855		6,931		6,832