Note 6 - Earnings Per Share

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

6.

EARNINGS PER SHARE

Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects

the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, result in the issuance of common stock which shares in the earnings of the Company. The treasury stock method has been applied to determine the dilutive effect of stock options in computing diluted earnings per share.

	For the Three Months				For the Six Months
	Ended June 30,				Ended June 30,
(In thousands, except per share data)	201 7		201 6		201 7		201 6
Net Inco me:
Net income	$	2,541	$	1,837	$	4,605	$	3,410
Earnings Per Share:
Basic earnings per share	$	0.51	$	0.38	$	0.93	$	0.70
Diluted earnings per share	$	0.49	$	0.36	$	0.89	$	0.67
Weighted Average Number of Shares Outstanding:
Basic shares		5,001		4,857		4,956		4,849
Diluted shares		5,180		5,047		5,173		5,057

Shares of common stock issuable under stock options and warrants for which the exercise prices were greater than the average market prices were

not

included in the computation of diluted earnings per share due to their antidilutive effect.

  Stock options and warrants

not

included in the computation of diluted earnings per share, due to shares

not

being in-the-money and having an antidilutive effect, were approximately

0

and

113,000

for the

three

month periods ended

June 30, 2017

and

2016,

respectively. Stock options and warrants

not

included in the computation of diluted earnings per share, due to shares

not

being in-the-money and having an antidilutive effect, were approximately

0

and

113,000

for the

six

month periods ended

June 30, 2017

and

2016,

respectively.