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Note 3 - Earnings Per Share

6 Months Ended

Jun. 30, 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								For the Six
		Months Ended								Months Ended
		June 30,								June 30,
		2015				2014				2015				2014
Weighted-average common shares outstanding			2,248,516				2,227,556				2,245,868				2,225,555

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			2,058,986				2,038,026				2,056,338				2,036,025

Additional common stock equivalents (stock options) used to calculate diluted earnings per share			9,327				6,538				9,590				6,156

Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share			2,068,313				2,044,564				2,065,928				2,042,181

Options to purchase 42,437 shares of common stock, at prices ranging from $17.55 to $37.48, were outstanding during the three and six months ended June 30, 2015. Of those options, 27,000 were considered dilutive for the three month period based on the market price exceeding the strike price. For the six months ended June 30, 2015, 27,250 options were considered dilutive.

Options to purchase 57,674 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the three and six months ended June 30, 2014. Of those options, 28,282 were considered dilutive for both periods based on the market price exceeding the strike price.