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Note 4 - Earnings Per Share
 3 Months Ended
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.