Note 4. Income Per Common Share

3 Months Ended

Mar. 31, 2016

Notes

Note 4. Income Per Common Share

4.             Income Per Common Share

Income per common share calculations are based on the weighted-average of common shares and common share equivalents outstanding during the year.  Common stock options are considered to be common share equivalents and are used to calculate income per common share except when they are anti-dilutive.  Included in the diluted earnings per share calculation for the three months ended March 31, 2016 are approximately 18,000 shares from the assumed exercise of options using the treasury stock method.  Included in the diluted earnings per share calculation for three months ended March 31, 2015 are approximately 15,000 shares from the assumed exercise of options using the treasury stock method.  Net income does not change as a result of the assumed dilution of options.