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Note 9 - Earnings Per Share
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]
NOTE
9
– 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 earnings per share computations follow:
 
   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
   
2019
    
2018
    
2019
    
2018
  
                                 
Basic:
                                
Net income from continuing operations
  
$
452,384
     $
543,942
    
$
1,352,259
     $
1,585,265
  
Net loss from discontinued operations
  
 
-
      
(401,700
 )  
 
(1,198,445
)
    
(692,835
 )
Less: Earnings allocated to participating securities (1)
  
 
(7,082
)
    
(3,313
 )  
 
(2,466
)
    
(21,681
 )
                                 
Net income allocated to common shareholders
  
$
445,302
     $
138,929
    
$
151,348
     $
870,749
  
                                 
Weighted-average common shares outstanding including participating securities
  
 
3,271,001
      
3,404,065
    
 
3,328,806
      
3,416,900
  
Less: Average participating securities
  
 
(48,544
)
    
(75,179
 )  
 
(49,069
)
    
(75,083
 )
Less: Average unallocated ESOP Shares
  
 
(170,316
)
    
(176,102
 )  
 
(170,316
)
    
(176,102
 )
                                 
Average shares
  
 
3,052,141
      
3,152,784
    
 
3,109,421
      
3,165,715
  
                                 
Basic earnings per common share - continuing operations
  
$
0.15
     $
0.17
    
$
0.43
     $
0.50
  
Basic loss per common share - discontinued operations
  
 
-
      
(0.13
 )  
 
(0.38
)
    
(0.22
 )
Basic earnings per common share
  
$
0.15
     $
0.04
    
$
0.05
     $
0.28
  
Diluted:
                                
Net income allocated to common shareholders
  
$
445,302
     $
138,929
    
$
151,348
     $
870,749
  
                                 
Weighted-average common shares outstanding for basic earnings per common share
  
 
3,052,141
      
3,152,784
    
 
3,109,421
      
3,165,715
  
Add: Dilutive effects of assumed exercises of stock options
  
 
4,095
      
13,362
    
 
3,554
      
9,480
  
                                 
Weighted average shares and dilutive potential common shares
  
 
3,056,236
      
3,166,146
    
 
3,112,975
      
3,175,195
  
                                 
Diluted earnings per common share - continuing operations
  
$
0.15
     $
0.17
    
$
0.43
     $
0.49
  
Diluted loss per common share - discontinued operations
  
 
-
      
(0.13
 )  
 
(0.38
)
    
(0.22
 )
Diluted earnings per common share
  
$
0.15
     $
0.04
    
$
0.05
     $
0.27
  
 
(
1
) Our participating securities are restricted stock awards which participate in common stock dividends.