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Note 4 - Earnings Per Share
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]
NO
TE
4
- 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 and restricted stock 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,
  
   
2020
    
2019
  
                 
Weighted-average common shares issued
    
7,298,740
      
7,270,608
  
                 
Average treasury stock shares
    
(881,631
 )    
(772,330
 )
                 
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share
    
6,417,109
      
6,498,278
  
                 
Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share
    
12,334
      
12,290
  
                 
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share
    
6,429,443
      
6,510,568
  
 
Options to purchase
13,500
shares of common stock at
$8.78
per share, were outstanding during the
three
months ended
March 31, 2020.
Also outstanding were
84,688
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
per share, were outstanding during the
three
months ended
March 31, 2019.
Also outstanding were
61,334
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
March 31, 2020,
the Company held
929,362
of the Company’s shares, which is an increase of
58,200
for the
three
months ended
March 31, 2020,
from the
871,162
shares held as of
December 31, 2019.