Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

5

- EARNINGS PER SHARE

The following information was used in the computation of EPS on a basic and diluted basis:

	Three months ended					Six months ended
	June 30,					June 30,
	2016		2015			2016		2015
Net income (loss)	$	6,676,467	$	(523,818	)	$	13,049,956	$	3,654,071
Basic EPS	$	0.54	$	(0.05	)	$	1.08	$	0.41
Diluted EPS	$	0.53	$	(0.05	)	$	1.07	$	0.40
Weighted average common shares outstanding*		12,335,077		9,946,744			12,064,349		8,961,327
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan**		181,397		-			170,863		137,370
Weighted average common and common equivalent shares outstanding**		12,516,474		9,946,744			12,235,212		9,098,697

*The increase in the weighted average common shares outstanding was primarily due to the common stock issuance discussed in Note 9 to the Consolidated Financial Statements.

**In accordance with U.S. GAAP, the common equivalent shares are not considered in the calculation of diluted EPS in periods when the numerator is a net loss.