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Note 3 - Earnings Per Share
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Earnings Per Share [Text Block]
3.
EARNINGS PER SHARE
 
There are
no
convertible securities that would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statement of Income will be used as the numerator. 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 year ended
December 31:
 
   
2018
    
2017
  
                 
Weighted-average common shares issued
    
3,616,119
      
3,415,115
  
                 
Average treasury stock shares
    
(386,165
 )    
(386,165
 )
                 
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share
    
3,229,954
      
3,028,950
  
                 
Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share
    
13,953
      
23,635
  
                 
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share
    
3,243,907
      
3,052,585
  
 
Options to purchase
7,450
shares of common stock at
$17.55
a share were outstanding during the year ended
December 31, 2018.
Also outstanding were
21,824
shares of restricted stock.
None
of the outstanding options or restricted stock were anti-dilutive.
 
Options to purchase
19,750
shares of common stock at prices ranging from
$17.55
to
$23.00
were outstanding during the year ended
December 31, 2017.
Also outstanding were
14,601
shares of restricted stock.
None
of the outstanding options or restricted stock were anti-dilutive.