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Note 9 - Basic and Diluted Earnings Per Common Share | 3 Months Ended
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Mar. 31, 2017
Notes to Financial Statements |
Earnings Per Share [Text Block] | 9 . 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 share 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, |
|  | 2017 |  |  | 2016 |
Numerator for basic and diluted earnings per common share: |  |  |  |  |  |  |  |
Net income for the period |  | $ | 2,446,491 |  |  | $ | 4,438,238 |
Denominator for basic and diluted earnings per scommon share: |  |  |  |  |  |  |  |
Basic weighted average number of common shares outstanding |  |  | 10,474,647 |  |  |  | 10,674,036 |
Effect of outstanding stock options |  |  | 301,868 |  |  |  | 187,546 |
Diluted weighted average number of shares outstanding |  |  | 10,776,515 |  |  |  | 10,861,582 |
Basic earnings per common share |  | $ | 0.23 |  |  | $ | 0.42 |
Diluted earnings per common share |  | $ | 0.23 |  |  | $ | 0.41 |
For the three months ended March 31, 2017, outstanding options to purchase 28,500 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 (March 31, 2016 – 130,475). During the three months ended March 31, 2017, no common shares were repurchased and cancelled under the terms of our stock repurchase program announced in March 2017 (March 31, 2016 – 98,178)

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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 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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