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Note 4 - Earnings Per Share | 3 Months Ended
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Mar. 31, 2014
Earnings Per Share [Abstract] |
Earnings Per Share [Text Block] |
4. | EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three months ended March 31, 2014 and 2013:
|  | 2014 |  |  | 2013 |
Net income |  | $ | 1,854,412 |  |  | $ | 1,586,321 |
Numerator for basic and diluted earnings per share |  | $ | 1,854,412 |  |  | $ | 1,586,321 |
Denominator for basic earnings per share – weighted-average shares |  |  | 10,198,733 |  |  |  | 10,162,442 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Stock options |  |  | 39,193 |  |  |  | 31,777 |
Restricted stock |  |  | 1,579 |  |  |  | - |
Warrants |  |  | - |  |  |  | - |
Dilutive potential common shares |  |  | 40,772 |  |  |  | 31,777 |
Denominator for diluted earnings per share – weighted-average shares |  |  | 10,239,505 |  |  |  | 10,194,219 |
Basic earnings per share |  | $ | 0.18 |  |  | $ | 0.16 |
Diluted earnings per share |  | $ | 0.18 |  |  | $ | 0.16 |
The net effect of converting stock options and restricted stock to purchase 119,201 and 121,600 shares of common stock at exercise prices less than the average market prices has been included in the computations of diluted EPS for the quarters ended March 31, 2014 and 2013, respectively.

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