Note 9 - Basic and Diluted Earnings Per Common Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

9.             Basic and Diluted Earnings Per Common Share

The following table provides a reconciliation of both net income and the number of shares used in the computation of “basic” earnings per common share (“EPS”), which utilizes the weighted average number of common shares outstanding without regard to potential shares, and “diluted” EPS, which includes all such dilutive shares, for the three and nine months ended September 30, 2013 and 2012.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2013		2012		2013		2012
Net income (numerator)	$	905,000	$	414,000	$	1,395,000	$	859,000
Shares (denominator):
Basic weighted average common shares outstanding		19,008,660		20,674,335		19,326,491		20,839,266
Add: Dilutive effect of common stock options		996		-		-		-
Diluted weighted average common shares outstanding		19,009,656		20,674,335		19,326,491		20,839,266
Earnings per common share:
Basic	$	0.05	$	0.02	$	0.07	$	0.04
Diluted	$	0.05	$	0.02	$	0.07	$	0.04