XML 51 R11.htm IDEA: XBRL DOCUMENT

Note 3 - Earnings Per Share

9 Months Ended

Sep. 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 Nine
		Months Ended								Months Ended
		September 30,								September 30,
		2015				2014				2015				2014
Weighted-average common shares outstanding			2,253,584				2,233,654				2,248,468				2,228,502

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			2,064,054				2,044,124				2,058,938				2,038,972

Additional common stock equivalents (stock options) used to calculate diluted earnings per share			8,585				7,888				9,254				6,688

Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share			2,072,639				2,052,012				2,068,192				2,045,660

Options to purchase 41,787 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the three and nine months ended September 30, 2015. Of those options, 26,350 were considered dilutive for the three and nine month periods based on the market price exceeding the strike price.

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.