Note 5 - Earnings Per Share

3 Months Ended

Mar. 31, 2019

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 9		201 8
Net income	$	868,963	$	1,273,619
Numerator for basic and diluted earnings per share	$	868,963	$	1,273,619
Denominator for basic earnings per share – weighted-average shares		9,009,752		9,264,446
Effect of dilutive securities:
Restricted stock		285		365
Dilutive potential common shares		285		365
Denominator for diluted earnings per share – weighted-average shares		9,010,037		9,264,811
Basic earnings per share	$	0.10	$	0.14
Diluted earnings per share	$	0.10	$	0.14

The net effect of assuming the exercise of all potentially dilutive common share equivalents for restricted stock awards at current values which are less than their grant date fair value for an aggregate of

28,191

and

12,779

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

March 31, 2019

and

2018,

respectively.