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Note 8 - Basic And Diluted Earnings Per Common Share:
 9 Months Ended
Sep. 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

September

30, 2014

   

Three

months

ended

September

30, 2013

   

Nine

months

ended

September

30, 2014

   

Nine

months

ended

September

30, 2013

 

Numerator for basic and diluted earnings per common share:

                               

Net income for the period

  $ 2,690,905     $ 2,593,360     $ 4,514,926     $ 3,257,569  

Denominator for basic and diluted earnings per common share:

                               

Basic weighted average number of common shares outstanding

    11,321,175       10,795,896       11,190,684       10,322,469  

Effect of outstanding stock options

    466,574       614,079       528,226       864,839  

Diluted weighted average number of shares outstanding

    11,787,749       11,409,975       11,718,910       11,187,308  

Basic earnings per common share

  $ 0.24     $ 0.24     $ 0.40     $ 0.32  

Diluted earnings per common share

  $ 0.23     $ 0.23     $ 0.39     $ 0.29  

For the three months ended September 30, 2014, outstanding options to purchase 98,000 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, 2014, outstanding options to purchase 136,000 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, 2014, 79,392 common shares were repurchased and cancelled under the terms of our stock repurchase program announced in March 2014, 73,300 of which occurred during the quarter ended September 30, 2014.


During the nine months ended September 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, none of which occurred during the quarter ended September 30, 2013.


During the nine months ended September 30, 2013, 35,768 common shares were repurchased and cancelled under the terms of our stock repurchase program announced in March 2013, none of which occurred during the quarter ended September 30, 2013.


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