Note 5 - Earnings Per Share

9 Months Ended

Sep. 30, 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

and

nine

months ended

September 30:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Net income	$	521,414	$	1,000,350	$	2,780,411	$	4,342,262
Numerator for basic and diluted earnings per share		521,414		1,000,350		2,780,411		4,342,262
Denominator for basic EPS: weighted-average shares		9,270,862		9,188,483		9,232,397		9,341,364
Effect of dilutive securities:
Stock options		-		16,933		9,810		17,279
Restricted stock		3,088		966		3,859		762
Dilutive potential common shares		3,088		17,899		13,669		18,041
Denominator for diluted EPS-weighted-average shares		9,273,950		9,206,382		9,246,066		9,359,405
Basic earnings per share	$	0.06	$	0.11	$	0.30	$	0.46
Diluted earnings per share	$	0.06	$	0.11	$	0.30	$	0.46

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

36,801

and

121,562

shares of common stock have been included in the computations of diluted EPS for the quarters ended

September 30, 2017

and

2016,

respectively.