Note 7 - Earnings Per Share

3 Months Ended

Mar. 31, 2013

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 granted stock options and restricted stock.  The Company excluded 27,485 and 80,240 stock options for the three-month periods ended March 31, 2013, and 2012, 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 stock awards were excluded from the calculation during the three-month periods ended March 31, 2013, and 2012.

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)
	2013		­ 2012
Weighted average shares and share equivalents – basic		6,890		6,719
Weighted average dilutive effect of options		120		174
Weighted average dilutive effect of restricted stock		11		14
Weighted average shares and share equivalents - diluted		7,021		6,907