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Note 17 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]

17. 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):

 

  

Year ended December 31,

 
  

2020

  

2019

  

2018

 
             

Numerator for basic and diluted earnings per common share:

            

Net income for the period

 $5,775  $15,398  $17,135 
             

Denominator for basic and diluted earnings per common share:

            

Basic weighted average number of common shares outstanding

  10,590,684   10,623,799   10,604,722 

Effect of outstanding stock options

  101,597   149,013   189,448 

Diluted weighted average number of shares outstanding

  10,692,281   10,772,812   10,794,170 
             

Basic earnings per common share

 $0.55  $1.45  $1.62 
             

Diluted earnings per common share

 $0.54  $1.43  $1.59 

 

Options to purchase 83,177 common shares were outstanding during 2020 (2019: 547,372; 2018: 451,739) 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.