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Note 3 - Earnings Per Share
 3 Months Ended
Mar. 31, 2016
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,

  
   

2016

    

2015

  

Weighted-average common shares outstanding

     2,264,342       2,243,190  
                 

Average treasury stock shares

     (386,165 )     (189,530 )
                 

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

     1,878,177       2,053,660  
                 

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

     8,766       9,207  
                 

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

     1,886,943       2,062,867  

Options to purchase 31,949 shares of common stock, at prices ranging from $17.55 to $40.24, were outstanding during the three months ended March 31, 2016. Of those options, 24,700 were considered dilutive for the three month period based on the market price exceeding the strike price.


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.