Note 4 - Income Taxes

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

( 4 ) INCOME TAXES

The effective tax rate for the

three

-month period ended

March 31, 2019

decreased to

16.9%

compared to

18.5%

for the same period in

2018

mainly due to an insurance reimbursement of Recapitalization expenses creating a tax benefit of

$26,000

in

2019

compared to additional tax of expense of

$67,000

from the non-deductible Recapitalization expenses in

2018.

In addition, the Company had increased tax benefits of

$87,000

from the exercise of options and dividends paid to non-vested shareholders.