Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

5. Earnings Per Share

The Company reports earnings per share in accordance with ASC 260, Earnings Per Share, which establishes standards for computing and presenting earnings per share. Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and the number of dilutive potential common share equivalents during the period. Under the treasury stock method, unexercised “in-the-money” stock options are assumed to be exercised at the beginning of the period or at issuance, if later. The assumed proceeds are then used to purchase common shares at the average market price during the period.

Basic and diluted earnings per share for the three and six-month periods ended June 30, 2014 and 2013 are as follows: 

	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
Shares used in the calculation of basic earnings per share		14,687,747		13,510,573		14,559,917		13,459,049
Effect of dilutive securities:
Stock options, SARs, and RSAs		804,985		1,068,354		927,515		1,025,929
Diluted shares used in the calculation of earnings per share		15,492,732		14,578,927		15,487,432		14,484,978

Equity awards of 67,820 and 113,301 shares were outstanding for the three and six-month periods ended June 30, 2014, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive.  Equity awards of 469,618 and 459,969 shares were outstanding for the three and six-month periods ended June 30, 2013, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive.