Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 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

and

six

months ended

June 30:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Net income	$	1,440,092	$	1,027,732	$	2,713,711	$	2,258,997
Numerator for basic and diluted earnings per share		1,440,092		1,027,732		2,713,711		2,258,997
Denominator for basic EPS: weighted-average shares		9,180,076		9,225,960		9,222,028		9,212,846
Effect of dilutive securities:
Stock options		-		-		-		9,810
Restricted stock		651		3,169		505		2,818
Dilutive potential common shares		651		3,169		505		12,628
Denominator for diluted EPS-weighted-average shares		9,180,727		9,229,129		9,222,533		9,225,474
Basic earnings per share	$	0.15	$	0.11	$	0.29	$	0.24
Diluted earnings per share	$	0.15	$	0.11	$	0.29	$	0.24

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

20,153

and

36,801

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

June 30, 2018

and

2017,

respectively.