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Note 14 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Earnings Per Share [Text Block]
14.
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,
201
7
    
Year ended
December 31,
201
6
    
Year ended
December 31,
201
5
  
Numerator for basic and diluted earnings per common share:
                        
Net income for the year
   $
22,326,594
     $
16,067,154
     $
11,373,730
  
Denominator for basic and diluted earnings per common share:
                        
Basic weighted average number of common shares outstanding
    
10,537,356
      
10,524,856
      
10,968,500
  
Effect of stock options
    
256,266
      
188,739
      
391,584
  
Diluted weighted average number of shares outstanding
    
10,793,622
      
10,713,595
      
11,360,084
  
Basic earnings per common share
   $
2.12
     $
1.53
     $
1.04
  
Diluted earnings per common share
   $
2.07
     $
1.50
     $
1.00
  
 
Options to purchase
341,650
common shares were outstanding during
2017
(
2016:
76,750;
2015:
75,050
) 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 for the year.