XML 49 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 3 - Earnings Per Share
 3 Months Ended
Mar. 31, 2014
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

March 31,

 
   

2014

   

2013

 

Weighted average common shares outstanding

    2,223,010       2,189,175  
                 

Average treasury stock shares

    (189,530 )     (189,530 )
                 

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

    2,033,480       1,999,645  
                 

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

    6,035       10,647  
                 

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

    2,039,515       2,010,292  

Options to purchase 58,581 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the three months ended March 31, 2014. Of those options, 27,375 were considered dilutive based on the market price exceeding the strike price. The remaining options had no dilutive effect on earnings per share.


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.