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Note 11 - Basic and Diluted Earnings Per Common Share

9 Months Ended

Sep. 30, 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 September 30,								Nine months ended September 30,
		2015				2014				2015				2014

Numerator for basic and diluted earnings per common share:
Net income for the period		$	3,159,457			$	2,690,905			$	8,278,395			$	4,514,926

Denominator for basic and diluted earnings per common share:
Basic weighted average number of common shares outstanding			10,984,869				11,321,175				11,057,634				11,190,684
Effect of outstanding stock options			387,813				466,574				412,023				528,226
Diluted weighted average number of shares outstanding		$	11,372,682			$	11,787,749			$	11,469,657			$	11,718,910

Basic earnings per common share
		$	0.29			$	0.24			$	0.75			$	0.40
Diluted earnings per common share
		$	0.28			$	0.23			$	0.72			$	0.39

For the three months ended September 30, 2015, outstanding options to purchase 23,000 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, 2015, outstanding options to purchase 69,000 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, 2015, 193,907 common shares were repurchased and cancelled under the terms of the Tender Offer announced in December 2014.

During the three and nine months ended September 30, 2015, 398,000 and 637,502 common shares respectively were repurchased and cancelled under the terms of our stock repurchase program announced in February 2015.

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.

The computation of earnings per share and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014 include reductions in the number of shares outstanding due to these repurchases.