Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 2016

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, 2016 and 2015:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Numerator:
Net income	$	1,820,915	$	1,507,896	$	3,341,912	$	2,952,303
Numerator for basic and diluted earnings per share		1,820,915		1,507,896		3,341,912		2,952,303
Denominator:
Weighted-average shares outstanding-basic		9,209,446		10,212,933		9,418,645		10,212,137

Effect of dilutive securities:
Stock options		18,495		28,231		18,975		28,993
Restricted stock		-		-		-		-
Dilutive potential common shares		18,495		28,231		18,975		28,993
Denominator for diluted earnings per share- weighted-average shares		9,227,941		10,241,164		9,437,620		10,241,130

Basic earnings per share	$	0.19	$	0.15	$	0.35	$	0.29
Diluted earnings per share	$	0.19	$	0.15	$	0.35	$	0.29

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 133,562 and 130,833 shares of common stock have been included in the computations of diluted EPS for the quarters ended June 30, 2016 and 2015, respectively.