Note 4 - Earnings Per Share

3 Months Ended

Mar. 31, 2015

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 months ended March 31, 2015 and 2014:

		2015		2014
Net income		$	1,444,407	$	1,854,412
Numerator for basic and diluted earnings per share		$	1,444,407	$	1,854,412
Denominator for basic earnings per share – weighted-average shares			10,211,333		10,198,733
Effect of dilutive securities:
	Stock options		29,763		39,193
	Restricted stock		-		1,579
Dilutive potential common shares			29,763		40,772
Denominator for diluted earnings per share – weighted-average shares			10,241,096		10,239,505
	Basic earnings per share	$	0.14	$	0.18
	Diluted earnings per share	$	0.14	$	0.18

The net effect of assuming the exercise of all potentially dilutive common share equivalents, including stock options to purchase common stock at exercise prices less than the average market prices and restricted stock awards of an aggregate of 130,833 and 119,201 shares of common stock have been included in the computations of diluted EPS for the quarters ended March 31, 2015 and 2014, respectively.