Note 2 - Earnings Per Share

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

Note

2.

Earnings Per Share

There are

no

convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statement of Income is used as the numerator.

The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Weighted-Average Common Shares Outstanding		4,363,346			4,363,346			4,363,346			4,363,346
Average Treasury Stock Shares		(275,321	)		(282,329	)		(275,563	)		(282,329	)
Weighted-Average Common Shares and Common Stock Equivalents Used to Calculate Basic Earnings Per Share		4,088,025			4,081,017			4,087,783			4,081,017
Additional Common Stock Equivalents (Stock Options and Restricted Stock) Used to Calculate Diluted Earnings Per Share		20,698			6,320			16,374			3,713
Weighted-Average Common Shares and Common Stock Equivalents Used to Calculate Diluted Earnings Per Share		4,108,723			4,087,337			4,104,157			4,084,730
Earnings per share:
Basic	$	0.50		$	0.38		$	1.36		$	1.36
Diluted		0.50			0.38			1.36			1.36