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Note 14 - Earnings Per Share | 12 Months Ended
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Dec. 31, 2014
Earnings Per Share [Abstract] |
Earnings Per Share [Text Block] |
14. | Earnings per share
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share give effect to all potentially dilutive securities. All of the Company’s shares (including non-vested restricted stock issued under the Plan) participate equally in dividend distributions and in undistributed earnings. The Company applies the two-class method of computing earnings per share (EPS) as the unvested share-based payment awards that contain rights to receive non forfeitable dividends are participating securities. Dividends declared during the period for non-vested restricted stock as well as undistributed earnings allocated to non-vested stock are deducted from net income for the purpose of the computation of basic earnings per share in accordance with the two-class method. The denominator of the basic earnings per common share excludes any non-vested shares as such they are not considered outstanding until the time-based vesting restriction has elapsed. For purposes of calculating diluted earnings per share, dividends declared during the period for non-vested restricted stock and undistributed earnings allocated to non-vested stock are not deducted from net income as reported since such calculation assumes non-vested restricted stock is fully vested from the grant date. The Company calculates basic and diluted earnings per share as follows:
|  | Year Ended December 31, |
|  | 2012 |  |  | 2013 |  |  | 2014 |
Numerator |  |  |  |  |  |  |  |  |
Net income |  |  | 28,958,487 |  |  |  | 21,217,193 |  |  |  | 12,685,826 |
Less: Undistributed earnings allocated to non-vested shares |  |  | (11,220 | ) |  |  | (55,958 | ) |  |  | (26,357 | )
Net income attributable to common shareholders, basic |  |  | 28,947,267 |  |  |  | 21,161,235 |  |  |  | 12,659,469 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of shares outstanding, basic and diluted |  |  | 20,552,568 |  |  |  | 28,271,746 |  |  |  | 39,305,644 |
Earnings per share, basic and diluted |  |  | 1.41 |  |  |  | 0.75 |  |  |  | 0.32 |
The Company excluded the dilutive effect of 230,713 (2013: 74,761, 2012: 74,761) non-vested share awards in calculating dilutive EPS for its common shares as of December 31, 2014, as they were anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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