Note 8 - Earnings Per Share

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

8. Earnings per Share

Basic earnings per share is determined by dividing net income available to stockholders by the weighted-average number of shares of common stock outstanding during the period and does

not

include the effect of any potentially dilutive common stock equivalents, giving retroactive effect to stock dividends declared during the period. Diluted earnings per share is determined in the same manner, except that the weighted-average number of shares of common stock outstanding is adjusted for the dilutive effect of outstanding common stock equivalents. The following table sets forth the calculation of basic and diluted earnings per share for the

three

-month periods ended

March 31, 2019

and

2018.

There were

no

common stock equivalents outstanding at

March 31, 2019

or

2018.

	Three Months Ended		Three Months Ended
	March 31, 2019		March 31, 2018
Net income	$	1,096,287	$	1,122,118
Weighted average shares outstanding		1,682,997		1,667,833
Earnings per share - basic and diluted	$	0.65	$	0.67