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Note 10 - Earnings Per Share
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]
NOTE
10
 – 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 June 30,
    
Six Months Ended June 30,
  
   
2020
    
2019
    
2020
    
2019
  
Basic:
                                
Net income from continuing operations
  
$
502,136
     $
512,732
    
$
780,193
     $
899,875
  
Net loss from discontinued operations
  
 
-
      
(852,510
 )  
 
-
      
(1,198,445
 )
Less: Earnings allocated to participating securities
  
 
(6,657
)
    
5,212
    
 
(10,298
)
    
4,768
  
                                 
Net income allocated to common shareholders
  
$
495,479
     $
(334,566
 )  
$
769,895
     $
(293,802
 )
                                 
Weighted-average common shares outstanding including participating securities
  
 
3,203,399
      
3,355,929
    
 
3,206,009
      
3,358,183
  
Less: Average participating securities
  
 
(40,292
)
    
(48,864
 )  
 
(40,153
)
    
(49,331
 )
Less: Average unallocated ESOP Shares
  
 
(164,096
)
    
(170,316
 )  
 
(164,096
)
    
(170,316
 )
                                 
Average shares
  
 
2,999,011
      
3,136,749
    
 
3,001,760
      
3,138,536
  
                                 
Basic earnings per common share - continuing operations
  
$
0.17
     $
0.16
    
$
0.26
     $
0.29
  
Basic loss per common share - discontinued operations
  
 
-
      
(0.27
 )  
 
-
      
(0.38
 )
Basic earnings per common share
  
$
0.17
     $
(0.11
 )  
$
0.26
     $
(0.09
 )
Diluted:
                                
Net income allocated to common shareholders
  
$
495,479
     $
(334,566
 )  
$
769,895
     $
(293,802
 )
                                 
Weighted-average common shares outstanding for basic earnings per common share
  
 
2,999,011
      
3,136,749
    
 
3,001,760
      
3,138,536
  
Add: Dilutive effects of assumed exercises of stock options
  
 
-
      
4,747
    
 
241
      
3,399
  
                                 
Weighted average shares and dilutive potential common shares
  
 
2,999,011
      
3,141,496
    
 
3,002,002
      
3,141,935
  
                                 
Diluted earnings per common share - continuing operations
  
$
0.17
     $
0.16
    
$
0.26
     $
0.29
  
Diluted loss per common share - discontinued operations
  
 
-
      
(0.27
 )  
 
-
      
(0.38
 )
Diluted earnings per common share
  
$
0.17
     $
(0.11
 )  
$
0.26
     $
(0.09
 )
 
(
1
) Our participating securities are restricted stock awards which participate in common stock dividends.
 
Stock options for
150,150
 and
145,150
 shares were
not
considered in computing diluted earnings per common share for the
three
and
six
months ended
June 30, 2020,
respectively.