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Note 3 - Earnings Per Share
 9 Months Ended
Sep. 30, 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 stock options 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

   

For the Nine

 
   

Months Ended

   

Months Ended

 
   

September 30,

   

September 30,

 
   

2014

   

2013

   

2014

   

2013

 
Weighted-average common shares issued     2,233,654       2,212,020       2,228,502       2,202,747  
                                 

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     2,044,124       2,022,490       2,038,972       2,013,217  
                                 
Additional common stock equivalents (stock options) used to calculate diluted earnings per share     7,888       6,930       6,688       7,981  
                                 
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share     2,052,012       2,029,420       2,045,660       2,021,198  

Options to purchase 55,939 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the nine months ended September 30, 2014. Of those options, 28,282 were considered dilutive. For the three months ended September 30, 2014, 27,375 were considered dilutive based on the market price exceeding the strike price.


Options to purchase 58,581 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the nine months ended September 30, 2013. Of those options, 49,394 were considered dilutive. For the three months ended September 30, 2013, 29,633 were considered dilutive based on the market price exceeding the strike price.