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Note 9 - Basic and Diluted Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2018
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 on the basis of net income for the period divided by the weighted average number of common shares outstanding during each year. Diluted earnings per share gives effect to all dilutive potential common shares outstanding at the end of the year assuming that they had been issued, converted or exercised at the later of the beginning of the year or their date of issuance. 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 the exercise of options. The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computation (Dollar amounts in thousands of U.S. dollars, except per share amounts):
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Numerator for basic and diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income for the period |  | $ | 5,346 |  |  | $ | 3,440 |  |  | $ | 12,698 |  |  | $ | 11,128 |
Denominator for basic and diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average number of common shares outstanding |  |  | 10,611,579 |  |  |  | 10,564,311 |  |  |  | 10,599,243 |  |  |  | 10,522,841 |
Effect of outstanding stock options |  |  | 182,718 |  |  |  | 221,031 |  |  |  | 196,425 |  |  |  | 262,209 |
Diluted weighted average number of shares outstanding |  |  | 10,794,297 |  |  |  | 10,785,342 |  |  |  | 10,795,668 |  |  |  | 10,785,050 |
Basic earnings per common share |  | $ | 0.50 |  |  | $ | 0.33 |  |  | $ | 1.20 |  |  | $ | 1.06 |
Diluted earnings per common share |  | $ | 0.50 |  |  | $ | 0.32 |  |  | $ | 1.18 |  |  | $ | 1.03 |
For the three months ended September 30, 2018, outstanding options to purchase 440,000 common shares were not included in the computation of diluted income per common share because all such options’ exercise price was greater than the average market price of the common shares for the period as compared to the three months ended September 30, 2017, where 345,200 outstanding options were not included in the computation. For the nine months ended September 30, 2018, outstanding options to purchase 440,000 common shares were not included in the computation of diluted income per common share because all such options’ exercise price was greater than the average market price of the common shares for the period as compared to the nine months ended September 30, 2017, where 349,700 outstanding options were not included in the computation. During the three and nine months ended September 30, 2018, the Company did not repurchase any shares under the stock buyback program commenced on February 14, 2018, which will be terminated on or before February 13, 2019. During the three and nine months ended September 30, 2017 and the nine months ended September 30, 2018, the Company did not repurchase any shares under the stock buyback program commenced on March 1, 2017, which terminated on February 14, 2018. During the nine months ended September 30, 2017, the company did not repurchase any shares under the stock buyback program commenced on February 10, 2016, which terminated on February 9, 2017.

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