Note 4 - Earnings Per Common Share (EPS)

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

4. Earnings Per Common Share (EPS)

Basic EPS is calculated using net loss divided by the weighted average of common shares outstanding.  Diluted EPS is calculated similarly to Basic EPS except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the potential dilutive common shares, such as those shares subject to options, had been issued.  The options disclosed in Note

6

have been excluded from the computation because of their antidilutive effect. 

Shares used in the calculation of diluted EPS are summarized below:

	Three Months Ended
	Mar 31, 2019		Mar 31, 2018
Weighted average common shares outstanding		1,983,553		1,983,553
Dilutive effect of stock options		—		—
Weighted average common and common equivalent shares outstanding		1,983,553		1,983,553

If the Company was in a net income position for the

first

three

months of

2019,

no

options would have been included as part of the common and common equivalent shares outstanding, and

18,000

 options with a weighted average exercise price of

$13.22

 would have remained excluded as the options were anti-dilutive.

If the Company was in a net income position for the

first

three

months of

2018,

no

options would have been included as part of the common and common equivalent shares outstanding, and

18,168

options with a weighted average exercise price of

$13.81

would have remained excluded as the options were anti-dilutive.