Note 9 - Basic and Diluted Earnings Per Common Share

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

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 dilutive shares, and “diluted” EPS, which includes all such dilutive shares, for the three and nine months ended September 30, 2016 and 2015.

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Net income (numerator)	$	1,019,000	$	306,000	$	2,323,000	$	741,000
Shares (denominator):
Basic weighted average common shares outstanding		16,695,059		18,276,616		17,190,073		18,261,747
Add: dilutive effect of common stock options		11,473		22,663		-		97,978
Diluted weighted average common shares outstanding		16,706,532		18,299,279		17,190,073		18,359,725
Earnings per common share:
Basic	$	0.06	$	0.02	$	0.14	$	0.04
Diluted	$	0.06	$	0.02	$	0.14	$	0.04