Note 9 - Basic and Diluted Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

9.

Basic and diluted earnings per common share:

The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computation (Dollar amounts in thousands of US dollars, except for share data):

	Three Months Ended March 31,
	2020		2019
Numerator for basic and diluted earnings per common share:
Net income for the period	$	2,834	$	2,799
Denominator for basic and diluted earnings per common share:
Basic weighted average number of common shares outstanding		10,612,230		10,634,842
Effect of outstanding stock options		101,448		201,055
Diluted weighted average number of shares outstanding		10,713,678		10,835,897
Basic earnings per common share	$	0.27	$	0.26
Diluted earnings per common share	$	0.26	$	0.26

For the

three

months ended 

March 31, 2020

, options to purchas

e

138,506

 c

ommon shares were

not

included in the computation of diluted income per common share because the options’ exercise price was greater than the average market price of the common shares for the period as compared to the

three

months ended 

March 31, 2019

, where

121,300

 outstanding options were

not

included in the computation.