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Note 7 - Income Per Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Note 7: Income per share


The Company is required to present basic income per share and diluted income per share in its consolidated statements of operations. Basic income per share amounts are computed by dividing net income by the weighted average number of common shares outstanding. Diluted income 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 dilutive common shares that may be issued by the Company relate to restricted stock grants and outstanding stock options. The Company is also required to provide a reconciliation of the numerator and denominator used in the computation of both basic and diluted income per share.


The Company had no outstanding stock options in 2015 and 2014. The following is information about the computation of income per share for the three months and nine months ended September 30, 2015 and 2014:


Three months ended September 30, 2015          

Weighted
Average

         
   

Net Income

    

Common Shares
Outstanding (1)

    

Amount (1)

  
                         

Basic Earnings Per Share

  $ 633,000       3,872,298     $ 0.16  
                         

Effect of Dilutive Securities

                        

Non-vested Restricted Stock Grants

 

N/A

      34,622    

N/A

  
                         

Diluted Earnings Per Share

   $ 633,000       3,906,920     $ 0.16  

Three months ended September 30, 2014           Weighted Average           
   

Net Income

    

Common Shares 
Outstanding (1)

    

Amount (1)

  
                         

Basic Earnings Per Share

   $ 17,261,000       3,850,206     $ 4.48  
                         

Effect of Dilutive Securities

                        

Non-vested Restricted Stock Grants

 

N/A

      28,012    

N/A

 
                         

Diluted Earnings Per Share

   $ 17,261,000       3,878,218     $ 4.45  

Nine months ended September 30, 2015          

Weighted
Average

         
   

Net Income

     Common Shares 
Outstanding (1)		    

Amount (1)

  
                         

Basic Earnings Per Share

   $ 1,611,000       3,872,074     $ 0.42  

Effect of Dilutive Securities

                        

Non-vested Restricted Stock Grants

 

N/A

      30,699    

N/A

 
                         

Diluted Earnings Per Share

   $ 1,611,000       3,902,773     $ 0.41  

Nine months ended September 30, 2014                        
            Weighted Average           
   

Net Income

    

Common Shares 

Outstanding (1)

    

Amount (1)

  
                         

Basic Earnings Per Share

   $ 18,105,000       3,849,762     $ 4.70  

Effect of Dilutive Securities

                        

Non-vested Restricted Stock Grants

 

N/A

      32,647    

N/A

 
                         

Diluted Earnings Per Share

   $ 18,105,000       3,882,409     $ 4.66  

     
 

(1)

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