Note 3 - Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

3. Earnings (Loss) Per Common Share

Basic earnings (loss) per share have been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share has been computed on the basis of the weighted average number of shares of common stock outstanding after giving effect to potential common shares from dilutive stock options and certain non-vested shares of restricted stock. The following table provides the reconciliation between basic and diluted earnings (loss) per share:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
(In thousands, except per share data)
Basic earnings per share:
Earnings (loss) applicable to common stock	$	(109	)	$	46	$	(322	)	$	1,887
Basic weighted average common shares outstanding		14,086			14,009		14,052			13,995
Basic earnings (loss) per share	$	(0.01	)	$	0.00	$	(0.02	)	$	0.13
Diluted earnings per share:
Earnings (loss) applicable to common stock	$	(109	)	$	46	$	(322	)	$	1,887
Basic weighted average common shares outstanding		14,086			14,009		14,052			13,995
Dilutive effect of stock options and restricted stock awards		—			30		—			30
Dilutive weighted average common shares outstanding		14,086			14,039		14,052			14,025
Diluted earnings (loss) per share	$	(0.01	)	$	0.00	$	(0.02	)	$	0.13

     For the three and nine month periods ended September 30, 2014, options to purchase 196,500 shares of common stock were outstanding but were not included in the computation of diluted earnings per share as the option’s exercise price was greater than the average market price of the common shares for the respective periods.  An additional 198,892 and 222,448 options were excluded from the three and nine month periods ended September 30, 2014 as their inclusion would be anti-dilutive, thereby decreasing the net loss per share. For the three and nine month periods ended September 30, 2013, options to purchase 291,000 and 293,200 shares of common stock were outstanding but were not included in the computation of diluted earnings per share as the option’s exercise price was greater than the average market price of the common shares for the respective periods.