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Note 8 - Basic And Diluted Earnings Per Common Share:
 6 Months Ended
Jun. 30, 2014
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

June 30, 2014

   

Three months

ended

June 30, 2013

   

Six months

ended

June 30, 2014

   

Six months

ended

June 30, 2013

 

Numerator for basic and diluted earnings per common share:

                               

Net income for the period

  $ 1,347,182     $ 587,630     $ 1,824,021     $ 664,209  

Denominator for basic and diluted earnings per common share:

                               

Basic weighted average number of common shares outstanding

    11,219,101       10,080,815       11,124,357       10,081,831  

Effect of outstanding stock options

    510,446       988,898       560,172       991,673  

Diluted weighted average number of shares outstanding

    11,729,547       11,069,713       11,684,529       11,073,504  

Basic earnings per common share

  $ 0.12     $ 0.06     $ 0.16     $ 0.07  

Diluted earnings per common share

  $ 0.11     $ 0.05     $ 0.16     $ 0.06  

For the three months ended June 30, 2014, outstanding options to purchase 38,000 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 six months ended June 30, 2014, outstanding options to purchase 39,000 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 six months ended June 30, 2014, 6,092 common shares were repurchased and cancelled under the terms of our stock repurchase program announced in March 2014, non of which occurred during the quarter ended June 30, 2014.


During the six months ended June 30, 2013, 1,028,530 common shares were repurchased and cancelled under the terms of a modified Dutch auction tender offer announced in December 2012.


During the six months ended June 30, 2013, 35,768 common shares were repurchased and cancelled under the terms of our stock repurchase program announced in March 2013.


The computation of earnings per share and diluted earnings per share for the three and six months ended June 30, 2014 and 2013 include reductions in the number of shares outstanding due to these repurchases.