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Note 9 - Basic and Diluted Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Earnings Per Share [Text Block] | 9. Basic and Diluted Earnings per Common Share: The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computation (Dollar amounts in thousands of US dollars, except for share data):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Numerator for basic and diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income for the period |  | $ | 716 |  |  | $ | 4,205 |  |  | $ | 3,707 |  |  | $ | 9,620 |
Denominator for basic and diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average number of common shares outstanding |  |  | 10,577,731 |  |  |  | 10,626,754 |  |  |  | 10,585,785 |  |  |  | 10,639,544 |
Effect of outstanding stock options |  |  | 105,077 |  |  |  | 119,080 |  |  |  | 93,377 |  |  |  | 158,555 |
Diluted weighted average number of shares outstanding |  |  | 10,682,808 |  |  |  | 10,745,834 |  |  |  | 10,679,162 |  |  |  | 10,798,099 |
Basic earnings per common share |  | $ | 0.07 |  |  | $ | 0.40 |  |  | $ | 0.35 |  |  | $ | 0.90 |
Diluted earnings per common share |  | $ | 0.07 |  |  | $ | 0.39 |  |  | $ | 0.35 |  |  | $ | 0.89 |
For the three months ended September 30, 2020, options to purchase 87,659 common shares 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 period as compared to the three months ended September 30, 2019, where 599,140 outstanding options were not included in the computation. For the nine months ended September 30, 2020, options to purchas e 130,876 common shares 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 period as compared to the nine months ended September 30, 2019, where 531,200 outstanding options were not included in the computation.

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