Note 3 - Net Income Per Common Share

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 3 – Net Income Per Common Share

Basic net income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share is computed using the treasury stock method to compute the weighted average common stock outstanding assuming the conversion of potential dilutive common shares.

The following table presents a reconciliation of the denominators used in the computation of net income per common share – basic, and net income per common share – diluted, for the three and nine-months ended September 30, 2015 and 2014 (expressed in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Weighted shares of common stock outstanding - basic		5,753		5,668		5,748		5,655
Dilutive impact of share-based awards		55		108		78		113
Weighted shares of common stock outstanding - diluted		5,808		5,776		5,826		5,768

Outstanding stock options totaling 431,560 for the three-months ended September 30, 2015 and 316,310 for the nine-months ended September 30, 2015 were excluded from the net income per common share calculation because the shares would be anti-dilutive. Outstanding stock options totaling 251,000 for the three-month period ended September 30, 2014 and none for the nine-months ended September 30, 2014 were excluded from the net income per common share calculation because the shares would be anti-dilutive.