Note 9 - Basic and Diluted Earnings Per Common Share

9 Months Ended

Sep. 30, 2018

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, 2018

and

2017.

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017
Net income (numerator)	$	1,539,000	$	1,103,000	$	3,007,000	$	2,457,000
Shares (denominator):
Basic weighted average common shares outstanding		13,795,007		14,732,173		14,031,518		14,962,606
Add: dilutive effect of common stock options		58,612		201,253		44,515		113,334
Diluted weighted average common shares outstanding		13,853,619		14,933,426		14,076,033		15,075,940
Earnings per common share:
Basic	$	0.11	$	0.07	$	0.21	$	0.16
Diluted	$	0.11	$	0.07	$	0.21	$	0.16