Note 7 - Earnings Per Share

9 Months Ended

Sep. 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 48,702 and 178,965 options for the three-month periods ended September 30, 2012, and 2011, respectively, and 75,051 and 107,048 options from the nine-month periods ended September 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.  Also excluded were 530 and 2,583 restricted shares from the calculation during the three-month periods ended September 30, 2012, and 2011, respectively.

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 September 30,				Nine months ended September 30,
	(In thousands)				(In thousands)
	2012		­ 2011		­ 2012		­ 2011­
Weighted average shares and share equivalents – basic		6,791		6,679		6,754		6,666
Weighted average dilutive effect of options		160		160		173		165
Weighted average dilutive effect of restricted stock		10		11		14		14
Weighted average shares and share equivalents - dilutive		6,961		6,850		6,941		6,845