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Note 5 - Earnings Per Share
3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Earnings Per Share [Text Block]
5.
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,
2017
and
2016:
 
 
 
2017
 
 
2016
 
Net income
  $
1,231,265
    $
1,520,997
 
Numerator for basic and diluted earnings per share
  $
1,231,265
    $
1,520,997
 
                 
Denominator for basic earnings per share – weighted-average shares
   
9,308,726
     
9,698,951
 
                 
Effect of dilutive securities:
               
Stock options
   
19,729
     
19,461
 
Restricted stock
   
2,464
     
41
 
Dilutive potential common shares
   
22,193
     
19,502
 
                 
Denominator for diluted earnings per share – weighted-average shares
   
9,330,919
     
9,718,453
 
                 
Basic earnings per share
  $
0.13
    $
0.16
 
Diluted earnings per share
  $
0.13
    $
0.16
 
 
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
109,545
and
149,922
shares of common stock have been included in the computations of diluted EPS for the quarters ended
March
31,
2017
and
2016,
respectively.