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Note 8 - Basic And Diluted Earnings Per Common Share:
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

8. BASIC AND DILUTED EARNINGS PER COMMON SHARE:


Basic earnings per common share has been calculated by dividing net income for the period by the weighted average number of common shares outstanding during each period. Diluted earnings per share has been calculated by dividing net income for the period by the weighted average number of common shares and potentially dilutive common shares outstanding during the period. In computing diluted earnings per share, the treasury stock method is used to determine the number of shares assumed to be purchased from the conversion of common shares equivalents or the proceeds of option exercises.


The following table is a summary of the basic and diluted earnings per common share:


   

Three months

ended

September 30,

2013

   

Three months

ended

September 30,

2012

   

Nine months

ended

September 30,

2013

   

Nine months

ended

September 30,

2012

 

Numerator for basic and diluted earnings per common share:

                               

Net income for the period

  $ 2,593,360     $ 1,635,000     $ 3,257,569     $ 3,994,617  

Denominator for basic and diluted earnings per common share:

                               

Basic weighted average number of common shares outstanding

    43,183,583       45,094,678       41,289,876       46,362,261  

Effect of outstanding stock options

    2,456,317       3,316,751       3,459,356       3,241,609  

Diluted weighted average number of shares outstanding

    45,639,900       48,411,429       44,749,232       49,603,870  

Basic earnings per common share

  $ 0.06     $ 0.04     $ 0.08     $ 0.09  

Diluted earnings per common share

  $ 0.06     $ 0.03     $ 0.07     $ 0.08  

For the three months ended September 30, 2013, outstanding options to purchase 404,000 common shares were not included in the computation of diluted income per common share because all such options had exercise prices greater than the average market price of the common shares.


For the nine months ended September 30, 2013, outstanding options to purchase 563,000 common shares were not included in the computation of diluted income per common share because all such options had exercise prices greater than the average market price of the common shares.


During the nine months ended September 30, 2013, 4,114,121 common shares were repurchased and cancelled under the terms of a modified Dutch auction tender offer announced in December 2012.


During the nine months ended September 30, 2013, 143,073 common shares were repurchased and cancelled under the terms of our stock repurchase program announced in March 2013.


During the three months ended June 30, 2012, 1,115,304 common shares were repurchased and cancelled under the terms of our stock repurchase program announced in November 2011.


During the three months ended March 31, 2012, 7,570,236 common shares were repurchased and cancelled under the terms of a modified Dutch auction tender offer announced in December 2011.


The computation of earnings per share and diluted earnings per share for the three and nine months ended September 30, 2013 and 2012 include reductions in the number of shares outstanding due to these repurchases.