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Note 14 - Earnings Per Share
 12 Months Ended
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.