Note 4 - Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

4.           EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2013 and 2012:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Numerator:
Net income	$	1,561,832	$	280,770	$	4,777,506	$	3,394,514
Numerator for basic and diluted earnings per share		1,561,832		280,770		4,777,506		3,394,514
Denominator:
Weighted-average shares outstanding-basic		10,176,744		10,156,790		10,163,490		10,156,559
Effect of dilutive securities:
Stock options		44,768		20,676		41,858		23,010
Dilutive potential common shares		44,768		20,676		41,858		23,010
Denominator for diluted earnings per share- weighted-average shares		10,221,512		10,177,466		10,205,348		10,179,569
Basic earnings per share	$	0.15	$	0.03	$	0.47	$	0.33
Diluted earnings per share	$	0.15	$	0.03	$	0.47	$	0.33

The net effect of converting stock options to purchase 111,600 and 127,600 shares of common stock at exercise prices less than the average market prices has been included in the computations of diluted earnings per share for the quarter ended September 30, 2013 and 2012, respectively.