Note 5 - Earnings Per Share

3 Months Ended

Mar. 31, 2018

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:

	201 8		201 7
Net income	$	1,273,619	$	1,231,265
Numerator for basic and diluted earnings per share	$	1,273,619	$	1,231,265
Denominator for basic earnings per share – weighted-average shares		9,264,446		9,308,726
Effect of dilutive securities:
Stock options		-		19,729
Restricted stock		365		2,464
Dilutive potential common shares		365		22,193
Denominator for diluted earnings per share – weighted-average shares		9,264,811		9,330,919
Basic earnings per share	$	0.14	$	0.13
Diluted earnings per share	$	0.14	$	0.13

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

12,779

and

109,545

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

March 31, 2018

and

2017,

respectively.