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Note 7 - Income Per Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Note 7: Income per share


The Company is required to present basic income (loss) per share and diluted income (loss) per share in its consolidated statements of operations. Basic income (loss) per share amounts are computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted income (loss) per share reflects additional common shares that would have been outstanding if potentially dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and would be determined using the treasury stock method. The Company is also required to provide a reconciliation of the numerator and denominator used in the computation of both basic and diluted income (loss) per share.


Non-vested restricted stock awards did not have an impact on the diluted earnings per share and the Company had no outstanding stock options. The following is information about the computation of income per share for the three months ended March 31, 2015 and 2014:


 Three months ended March 31, 2015  

Net Income

   

Weighted Average Common Shares Outstanding (1)

   

Amount (1)

 
                         

Basic Earnings Per Share

  $ 289,000       3,871,849     $ 0.07  
                         

Effect of Dilutive Securities

                       

Non-vested Restricted Stock Grants

 

N/A

      81,923    

N/A

 
                         

Diluted Earnings Per Share

  $ 289,000       3,953,772     $ 0.07  

Three months ended March 31, 2014

  Net Income    

Weighted Average Common Shares Outstanding (1)

    Amount (1)  
                         

Basic Earnings Per Share

  $ 319,000       3,849,318     $ 0.08  
                         

Effect of Dilutive Securities

                       

Non-vested Restricted Stock Grants

 

N/A

      62,488    

N/A

 
                         

Diluted Earnings Per Share

  $ 319,000       3,911,806     $ 0.08  

(1) All common stock data has been restated for a 1-for-10 reverse stock split which took effect on March 4, 2015.