Note 4 - Earnings Per Share

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

4

- 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 and restricted stock 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
	Months Ended
	March 31,
	2019			2018
Weighted-average common shares issued		3,635,304			3,606,427
Average treasury stock shares		(386,165	)		(386,165	)
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share		3,249,139			3,220,262
Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share		6,145			17,807
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share		3,255,284			3,238,069

Options to purchase

7,450

shares of common stock at

$17.55

per share, were outstanding during the

three

months ended

March 31, 2019.

Also outstanding were

30,667

shares of restricted stock.

None

of the outstanding options or restricted stock were anti-dilutive.

Options to purchase

18,250

shares of common stock, at prices ranging from

$17.55

to

$23.00,

were outstanding during the

three

months ended

March 31, 2018.

Also outstanding were

14,601

shares of restricted stock.

None

of the outstanding options or restricted stock were anti-dilutive.