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Note 12 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Text Block]
12. Earnings per common share:

The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computation:

   
Year ended
December 31,
2012
   
Year ended
December 31,
2011
   
Year ended
December 31,
2010
 
Numerator for basic and diluted earnings per common share:
                 
Net income for the year
 
$
4,424,142
   
$
6,170,231
   
$
2,116,948
 
Denominator for basic and diluted earnings per common share:
                       
Basic weighted average number of common shares outstanding
   
45,832,862
     
53,454,675
     
57,982,248
 
Effect of stock options
   
3,302,082
     
2,294,758
     
1,973,540
 
Diluted weighted average number of shares outstanding
   
49,134,944
     
55,749,433
     
59,955,788
 
Basic earnings per common share
 
$
0.10
   
$
0.12
   
$
0.04
 
Diluted earnings per common share
 
$
0.09
   
$
0.11
   
$
0.04
 

Options to purchase 755,187 common shares were outstanding during 2012 (2011: 3,148,750; 2010: 2,937,000) but were not included in the computation of diluted income per common share because the options’ exercise price was greater than the average market price of the common shares. The options which expire in years 2013 to 2018 were still outstanding at the end of 2012.