XML 47 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 3 - Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Text Block]
NOTE 3 - EARNINGS PER SHARE

The Company provides dual presentation of basic and diluted earnings per share.  Basic earnings per share is calculated by dividing net income by the average shares outstanding.  Diluted earnings per share adds the dilutive effects of options, warrants, and convertible securities to average shares outstanding.

The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation.

   
For the Three
Months Ended
March 31,
 
             
   
2013
   
2012
 
Weighted average common shares outstanding
    2,189,175       1,953,512  
                 
Average treasury stock shares
    (189,530 )     (189,530 )
                 
Weighted average common shares and common stock equivalents used to calculate basic earnings per share
    1,999,645       1,763,982  
                 
Additional common stock equivalents (stock options) used to calculate diluted earnings per share
    10,647       603  
                 
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share
    2,010,292       1,764,585  

Options to purchase 61,132 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the three months ended March 31, 2013.  Of those options, 59,617 were considered dilutive based on the market price exceeding the strike price.  The remaining 1,515 options had no dilutive effect on earnings per share.

Options to purchase 88,774 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the three months ended March 31, 2012.  Of those options, 9,000 were considered dilutive based on the market price exceeding the strike price.  The remaining 79,774 options had no dilutive effect on earnings per share.