Note 6 - Earnings Per Share

3 Months Ended

Mar. 31, 2020

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 Ended
	March 31,
(In thousands, except per share data)	2020		2019
Net Income:
Net income	$	3,316	$	3,818
Earnings Per Share:
Basic earnings per share	$	0.64	$	0.74
Diluted earnings per share	$	0.63	$	0.73
Weighted Average Number of Shares Outstanding:
Basic shares		5,171		5,144
Diluted shares		5,231		5,225

Shares of common stock issuable under stock options 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

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

208,000

and

71,000

for the

three

-month periods ended

March 31, 2020

and

2019

, respectively.