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Note 8 - Earnings Per Share
 9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Earnings Per Share [Text Block]
NOTE
8
– EARNINGS PER SHARE
 
The
two
-class method is used in the calculation of basic and diluted earnings per share. Under the
two
-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share computation follow:
 
 
   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
   
2018
    
2017
    
2018
    
2017
  
                                 
Basic:
                                
Net income
  
$
142,242
    $
811,728
    
$
892,430
    $
952,077
  
Less: Earnings allocated to participating securities
  
 
(3,313
)
    
-
    
 
(21,681
)
    
-
  
                                 
Net income allocated to common shareholders
  
$
138,929
    $
811,728
    
$
870,749
    $
952,077
  
                                 
Weighted-average common shares outstanding including participating securities
  
 
3,404,065
     
3,438,190
    
 
3,416,900
     
3,438,190
  
Less: Average participating securities
  
 
(75,179
)
    
-
    
 
(75,083
)
    
-
  
Less: Average unallocated ESOP Shares
  
 
(176,102
)
    
(181,887
 )  
 
(176,102
)
    
(181,887
 )
                                 
Average shares
  
 
3,152,784
     
3,256,303
    
 
3,165,715
     
3,256,303
  
                                 
Basic earnings per common share
  
$
0.04
    $
0.25
    
$
0.28
    $
0.29
  
                                 
Diluted:
                                
Net income allocated to common shareholders
  
$
138,929
    $
811,728
    
$
870,749
    $
952,077
  
                                 
Weighted-average common shares outstanding for basic earnings per common share
  
 
3,152,784
     
3,256,303
    
 
3,165,715
     
3,256,303
  
Add: Dilutive effects of assumed exercises of stock options
  
 
13,362
     
9,218
    
 
9,480
     
8,729
  
                                 
Weighted average shares and dilutive potential common shares
  
 
3,166,146
      
3,265,521
    
 
3,175,195
      
3,265,032
  
                                 
Diluted earnings per common share
  
$
0.04
    $
0.25
    
$
0.27
    $
0.29
  
 
 
Our restricted stock awards are participating securities since they participate in common stock dividends.
 
For the
three
and
nine
months ended
September 30, 2018
and
2017
there were
no
stock options considered antidilutive.