Note 14 - Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Text Block]

NOTE 14 – Earnings Per Share:

The following table represents a reconciliation of basic and diluted earnings per share:

	2012		2011
Net earnings used in the computation of basic and diluted earnings per share	$	3,031,000	$	4,136,000
Weighted average shares outstanding - basic		6,061,691		5,987,062
Common stock equivalents		81,306		107,852
Total weighted average shares outstanding - diluted		6,142,997		6,094,914
Per Share Data:
Basic
Net earnings	$	0.50	$	0.69
Diluted
Net earnings	$	0.49	$	0.68

Awards to purchase an average of 259,131 shares of common stock with a weighted average exercise price of $12.98 per share were outstanding during 2012 but were not included in the computation of diluted EPS because the awards’ exercise prices were greater than the average market price of the common shares.  Awards to purchase an average of 384,556 shares of common stock with a weighted average exercise price of $12.19 per share were outstanding during 2011 but were not included in the computation of diluted EPS because the awards’ exercise prices were greater than the average market price of the common shares.