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Note 12 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
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,

2013

   

Year ended

December 31,

2012

   

Year ended

December 31,

2011

 

Numerator for basic and diluted earnings per common share:

                       

Net income for the year

  $ 4,180,464     $ 4,424,142     $ 6,170,231  

Denominator for basic and diluted earnings per common share:

                       

Basic weighted average number of common shares outstanding

    10,468,250       11,458,216       13,363,669  

Effect of stock options

    813,159       825,520       573,690  

Diluted weighted average number of shares outstanding

    11,281,409       12,283,736       13,937,359  

Basic earnings per common share

  $ 0.40     $ 0.39     $ 0.46  

Diluted earnings per common share

  $ 0.37     $ 0.36     $ 0.44  

Options to purchase 136,812 common shares were outstanding during 2013 (2012: 188,797; 2011: 787,188) 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 2018 to 2020 were still outstanding at the end of 2013.