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Note 3 - Earnings Per Share | 12 Months Ended
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Dec. 31, 2019
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:
|  | 2019 |  |  | 2018 |
Weighted-average common shares issued |  |  | 7,286,554 |  |  |  | 7,232,238 |
Average treasury stock shares |  |  | (816,146 | ) |  |  | (772,330 | )
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share |  |  | 6,470,408 |  |  |  | 6,459,908 |
Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share |  |  | 32,398 |  |  |  | 27,906 |
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share |  |  | 6,502,806 |  |  |  | 6,487,814 |
Options to purchase 14,500 shares of common stock at $8.78 a share were outstanding during the year ended December 31, 2019. Also outstanding were 61,040 shares of restricted stock. None of the outstanding options or restricted stock were anti-dilutive. Options to purchase 14,900 shares of common stock at $8.78 a share were outstanding during the year ended December 31, 2018. Also outstanding were 42,350 shares of restricted stock. None of the outstanding options or restricted stock were anti-dilutive. When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. The reserve for the Company’s treasury shares comprises the cost of the Company’s shares held by the Company. As of December 31, 2019, the Company held 871,162 of the Company’s shares, which is an increase of 98,832 shares for the twelve months ended December 31, 2019, from the 772,330 shares held as of December 31, 2018.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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