Note 3 - Earnings Per Share

6 Months Ended

Jun. 30, 2014

EARNINGS PER SHARE [Abstract]

Earnings Per Share [Text Block]

NOTE 3 - EARNINGS PER SHARE

The Company provides dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income by the average shares outstanding. Diluted earnings per share adds the dilutive effects of stock options to average shares outstanding.

The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation.

	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Weighted-average common shares issued		2,227,556			2,206,794			2,225,555			2,198,033
Average treasury stock shares		(189,530	)		(189,530	)		(189,530	)		(189,530	)
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share		2,038,026			2,017,264			2,036,025			2,008,503
Additional common stock equivalents (stock options) used to calculate diluted earnings per share		6,538			6,697			6,156			8,557
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share		2,044,564			2,023,961			2,042,181			2,017,060

Options to purchase 57,674 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the three and six months ended June 30, 2014. Of those options, 28,282 were considered dilutive based on the market price exceeding the strike price.

Options to purchase 59,932 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the three and six months ended June 30, 2013. Of those options, 31,833 were considered dilutive for the three month period based on the market price exceeding the strike price. For the six months ended June 30, 2013, 49,394 options were considered dilutive.