Note 4 - Earnings Per Share

6 Months Ended

Jun. 30, 2014

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 six months ended June 30, 2014 and 2013:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Numerator:
Net income	$	1,765,485	$	1,629,353	$	3,619,897	$	3,215,674
Numerator for basic and diluted earnings per share		1,765,485		1,629,353		3,619,897		3,215,674
Denominator:
Weighted-average shares outstanding-basic		10,198,733		10,167,649		10,198,733		10,165,060
Effect of dilutive securities:
Stock options		39,376		48,886		39,067		40,379
Restricted stock		1,714		-		1,647		-
Dilutive potential common shares		41,090		48,886		40,714		40,379
Denominator for diluted earnings per share-weighted-average shares		10,239,823		10,216,535		10,239,447		10,205,439
Basic earnings per share	$	0.17	$	0.16	$	0.35	$	0.32
Diluted earnings per share	$	0.17	$	0.16	$	0.35	$	0.32

The net effect of converting stock options and warrants to purchase 119,201 and 133,600 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 quarters ended June 30, 2014 and 2013, respectively.