Note 12 - Earnings Per Share

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 12

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EARNINGS Per Share

Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive stock options and restricted stock. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an antidilutive effect on income per share.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
			(Recast)				(Recast)
Numerator:
Net income	$	2,727	$	4,006	$	7,132	$	2,733
Denominator:
Denominator for basic earnings per share – weighted average shares		10,442		10,357		10,439		10,350
Effect of dilutive securities:
Employee stock options and restricted stock		28		119		76		132
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion		10,470		10,476		10,515		10,482
Basic earnings per share	$	0.26	$	0.39	$	0.68	$	0.26
Diluted earnings per share	$	0.26	$	0.38	$	0.68	$	0.26
Weighted average anti-dilutive employee stock options and restricted stock		59		2		69		4