XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Note 9 - Basic and Diluted Earnings Per Common Share | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, |  |  | Nine months ended September 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Numerator for basic and diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income for the period |  | $ | 3,439,266 |  |  | $ | 4,741,279 |  |  | $ | 11,127,241 |  |  | $ | 13,250,303 |
Denominator for basic and diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average number of common shares outstanding |  |  | 10,564,311 |  |  |  | 10,432,763 |  |  |  | 10,522,841 |  |  |  | 10,549,056 |
Effect of outstanding stock options |  |  | 221,031 |  |  |  | 186,242 |  |  |  | 262,209 |  |  |  | 187,719 |
Diluted weighted average number of shares outstanding |  |  | 10,785,342 |  |  |  | 10,619,005 |  |  |  | 10,785,050 |  |  |  | 10,736,775 |
Basic earnings per common share |  | $ | 0.33 |  |  | $ | 0.45 |  |  | $ | 1.06 |  |  | $ | 1.26 |
Diluted earnings per common share |  | $ | 0.32 |  |  | $ | 0.45 |  |  | $ | 1.03 |  |  | $ | 1.23 |
For the three months ended September 30, 2017, outstanding options to purchase 345,200 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 ( three months ended September 30, 2016 – 76,750 ). For the nine months ended September 30, 2017, outstanding options to purchase 349,700 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 ( nine months ended September 30, 2016 – 95,950 ). During the three and nine months ended September 30, 2017, no common shares were repurchased and cancelled under the terms of our stock repurchase program announced in March 2017. During the three months ended September 30, 2016, no common shares were repurchased and for the nine months ended September 30, 2016, 308,416 common shares were repurchased and cancelled under the terms of our stock repurchase program announced in February 2016. The computation of earnings per share and diluted earnings per share for the three and nine months ended September 30, 2017 and 2016 include reductions in the number of shares outstanding due to these repurchases.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration