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Net Income Per Share Computations
 9 Months Ended
Sep. 30, 2016
Net Income Per Share Computations [Abstract]  
Net Income Per Share Computations

3.   NET INCOME PER SHARE COMPUTATIONS 



The following is a reconciliation of the numerator and denominator of the earnings per common share computations   for the nine months ended September 30, 2016 and 2015:





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2016

 

2015

 

2016

 

2015

Net income (numerator) amounts used for basic and diluted per share computations:

 

$

 925,837 

 

$

 813,059 

 

$

 3,511,490 

 

$

 1,773,313 



 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (denominator) of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 4,296,581 

 

 

 4,233,315 

 

 

 4,276,387 

 

 

 4,221,164 

Plus dilutive effect of stock options

 

 

 26,220 

 

 

 (3,877)

 

 

 17,766 

 

 

 775 

Diluted

 

 

 4,322,801 

 

 

 4,229,438 

 

 

 4,294,153 

 

 

 4,221,939 



 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

.22

 

$

.19

 

$

.82

 

$

.42

Diluted

 

 

.21

 

 

.19

 

 

.82

 

 

.42



Options to purchase 45,000 shares of common stock at an average price of $12.80 per share were outstanding but not included in the computation of diluted net income per share for the nine months ended September 30, 2016 because the options were out of the money at September 30, 2016. 



Options to purchase 75,000 shares of common stock at an average price of $13.45 per share were outstanding but not included in the computation of diluted net income per share for the three and nine months ended September 30, 2015 because the options were out of the money at September 30, 2015.