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Note 14 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

14. 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,

2014

   

Year ended

December 31,

2013

   

Year ended

December 31,

2012

 

Numerator for basic and diluted earnings per common share:

                       

Net income for the year

  $ 6,374,096     $ 4,180,464     $ 4,424,142  

Denominator for basic and diluted earnings per common share:

                       

Basic weighted average number of common shares outstanding

    11,220,874       10,468,250       11,458,216  

Effect of stock options

    509,524       813,159       825,520  

Diluted weighted average number of shares outstanding

    11,730,398       11,281,409       12,283,736  

Basic earnings per common share

  $ 0.57     $ 0.40     $ 0.39  

Diluted earnings per common share

  $ 0.54     $ 0.37     $ 0.36  

Options to purchase 95,762 common shares were outstanding during 2014 (2013: 136,812; 2012: 188,797) 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 2014.