XML 50 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Note 3 - Earnings Per Share
 3 Months Ended
Mar. 31, 2015
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

 
   

Months Ended

 
   

March 31,

 
   

2015

   

2014

 

Weighted-average common shares outstanding

    2,243,190       2,223,010  
                 
Average treasury stock shares     (189,530 )     (189,530 )
                 

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

    2,053,660       2,033,480  
                 

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

    9,207       6,035  
                 

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

    2,062,867       2,039,515  

Options to purchase 46,076 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding as of the three months ended March 31, 2015. For the three months ended March 31, 2015, 27,250 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 three months ended March 31, 2014. For the three months ended March 31, 2014, 27,375 were considered dilutive based on the market price exceeding the strike price.