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Note 15 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

15. 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, 2015				Year ended December 31, 2014				Year ended December 31, 2013
Numerator for basic and diluted earnings per common share:
Net income for the year		$	11,373,730			$	6,374,096			$	4,180,464
Denominator for basic and diluted earnings per common share:
Basic weighted average number of common shares outstanding			10,968,500				11,220,874				10,468,250
Effect of stock options			391,584				509,524				813,159
Diluted weighted average number of shares outstanding			11,360,084				11,730,398				11,281,409
Basic earnings per common share		$	1.04			$	0.57			$	0.40
Diluted earnings per common share		$	1.00			$	0.54			$	0.37

Options to purchase 75,050 common shares were outstanding during 2015 (2014: 95,762; 2013: 136,812) 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 2016 to 2021 were still outstanding at the end of 2015.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256

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-Name Accounting Standards Codification
-Topic 260
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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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