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Note 11 - Basic and Diluted Earnings per Common Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

11. 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

March 31, 2015

   

Three months

ended

March 31, 2014

 

Numerator for basic and diluted earnings per common share:

               

Net income for the period

  $ 2,833,943     $ 476,839  

Denominator for basic and diluted earnings per common share:

               

Basic weighted average number of common shares outstanding

    11,142,628       11,028,559  

Effect of outstanding stock options

    437,419       611,058  

Diluted weighted average number of shares outstanding

    11,580,047       11,639,617  

Basic earnings per common share

  $ 0.25     $ 0.04  

Diluted earnings per common share

  $ 0.24     $ 0.04  

For the three months ended March 31, 2015, outstanding options to purchase 116,600 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 three months ended March 31, 2015, 193,907 common shares were repurchased and cancelled under the terms of a modified Dutch auction tender offer announced in December 2014.


During the three months ended March 31, 2015, 214,089 common shares were repurchased and cancelled under the terms of our stock repurchase program announced in February 2015.


During the three months ended March 31, 2014, 6,092 common shares were repurchased and cancelled under the terms of our stock repurchase program announced in March 2014.


The computation of earnings per share and diluted earnings per share for the three months ended March 31, 2015 and 2014 include reductions in the number of shares outstanding due to these repurchases.