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Note 7 - Income Per Share
 3 Months Ended
Mar. 31, 2016
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 common shares that may be issued by the Company relate to outstanding restricted stocks 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 per share.


The Company had no outstanding stock options in 2016 and 2015. The following is information about the computation of income per share for the three months ended March 31, 2016 and 2015:


Three months ended March 31, 2016  

Net Income

     Weighted Average Common Shares Outstanding    

Amount

 
                         

Basic Earnings Per Share

   $ 653,000       3,956,207     $ 0.17  
                         

Effect of Dilutive Securities

                        

Non-vested Restricted Stock Grants

    N/A       32,479       N/A  
                         

Diluted Earnings Per Share

   $ 653,000       3,988,686     $ 0.16  

Three months ended March 31, 2015  

Net Income

     Weighted Average Common Shares Outstanding    

Amount

 
                         

Basic Earnings Per Share

   $ 289,000       3,871,849     $ 0.07  
                         

Effect of Dilutive Securities

                        

Non-vested Restricted Stock Grants

    N/A       17,895       N/A  
                         

Diluted Earnings Per Share

   $ 289,000       3,889,744     $ 0.07