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Note 3 - Earnings Per Share
 9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
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,
  
                         
   
2017
    
2016
    
2017
    
2016
  
Weighted-average common shares outstanding
    
3,598,500
      
2,633,752
      
3,352,316
      
2,445,821
  
                                 
Average treasury stock shares
    
(386,165
 )    
(386,165
 )    
(386,165
 )    
(386,165
 )
                                 
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share
    
3,212,335
      
2,247,587
      
2,966,151
      
2,059,656
  
                                 
Additional common stock equivalents (stock options) used to calculate diluted earnings per share
    
11,418
      
8,643
      
12,592
      
8,876
  
                                 
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share
    
3,223,753
      
2,256,230
      
2,978,743
      
2,068,532
  
 
Options to purchase
21,375
shares of common stock, at prices ranging from
$
17.55
to
$
37.00
,
were outstanding during the
three
and
nine
months ended
September 30, 2017.
Of those options,
21,375
were considered dilutive for the
three
and
nine
month periods based on the market price exceeding the strike price and
no
options were anti-dilutive.
 
Options to purchase
31,949
shares of common stock, at prices ranging from
$
17.55
to
$
40.24
,
were outstanding during the
three
and
nine
months ended
September 30, 2016.
Of those options,
24,700
were considered dilutive for the
three
and
nine
month periods based on the market price exceeding the strike price and
7,249
options were anti-dilutive.