Note 9 - Basic and Diluted Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

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, 2019

and

2018:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Net income (numerator)	$	437,000	$	1,539,000	$	2,665,000	$	3,007,000
Shares (denominator):
Basic weighted average common shares outstanding		13,056,173		13,795,007		13,209,598		14,031,518
Add: dilutive effect of common stock options		19,519		58,612		28,428		44,515
Diluted weighted average common shares outstanding		13,075,692		13,853,619		13,238,026		14,076,033
Earnings per common share:
Basic	$	0.03	$	0.11	$	0.20	$	0.21
Diluted	$	0.03	$	0.11	$	0.20	$	0.21