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Note 3 - Earnings Per Share
 6 Months Ended
Jun. 30, 2013
EARNINGS PER SHARE [Abstract]  
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

June 30,

   

For the Six

Months Ended

June 30,

 
   

2013

   

2012

   

2013

   

2012

 

Weighted average common shares outstanding

    2,206,794       2,108,863       2,198,033       2,031,187  
                                 

Average treasury stock shares

    (189,530 )     (189,530 )     (189,530 )     (189,530 )
                                 

Weighted average common shares and common stock equivalents used to calculate basic earnings per share

    2,017,264       1,919,333       2,008,503       1,841,657  
                                 

Additional common stock equivalents (stock options) used to calculate diluted earnings per share

    6,697       1,872       8,557       1,208  
                                 

Weighted average common shares and common stock equivalents used to calculate diluted earnings per share

    2,023,961       1,921,205       2,017,060       1,842,865  

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 June 30, 2013. Of those options, 31,833 were considered dilutive based on the market price exceeding the strike price. The remaining 29,299 options had no dilutive effect on earnings per share. For the six months ended June 30, 2013, 49,394 options were considered dilutive. The remaining 11,738 options had no dilutive effect on earnings per share.


Options to purchase 88,354 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the three and six months ended June 30, 2012. Of those options, 9,000 were considered dilutive based on the market price exceeding the strike price. The remaining 79,354 options had no dilutive effect on the earnings per share.