Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

5.

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the

three

and

six

months ended

June 30:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Net income	$	1,027,732	$	1,820,915	$	2,258,997	$	3,341,912
Numerator for basic and diluted earnings per share		1,027,732		1,820,915		2,258,997		3,341,912
Denominator for basic EPS: weighted-average shares		9,225,960		9,209,446		9,212,846		9,418,645
Effect of dilutive securities:
Stock options		-		18,495		9,810		18,975
Restricted stock		3,169		-		2,818		-
Dilutive potential common shares		3,169		18,495		12,628		18,975
Denominator for diluted EPS-weighted-average shares		9,229,129		9,227,941		9,225,474		9,437,620
Basic earnings per share	$	0.11	$	0.19	$	0.24	$	0.35
Diluted earnings per share	$	0.11	$	0.19	$	0.24	$	0.35

The net effect of assuming the exercise of all potentially dilutive common share equivalents, including stock options to purchase common stock at exercise prices less than the average market prices and restricted stock awards of an aggregate of

36,801

and

133,562

shares of common stock have been included in the computations of diluted EPS for the quarters ended

June 30, 2017

and

2016,

respectively.