Note 9 - Basic and Diluted Earnings Per Common Share

9 Months Ended

Sep. 30, 2014

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, 2014 and 2013.

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Net income (numerator)	$	966,000	$	905,000	$	2,130,000	$	1,395,000
Shares (denominator):
Basic weighted average common shares outstanding		18,107,073		19,008,660		18,429,985		19,326,491
Add: Dilutive effect of common stock options		280,349		996		259,289		-
Diluted weighted average common shares outstanding		18,387,422		19,009,656		18,689,274		19,326,491
Earnings per common share:
Basic	$	0.05	$	0.05	$	0.12	$	0.07
Diluted	$	0.05	$	0.05	$	0.11	$	0.07