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Note 9 - Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note
9
–
Earnings
per Share
The calculation of basic and diluted weighted average common shares outstanding is as follows:
 
   
2016
    
2015
  
Weighted average common shares outstanding basic earnings per share
    
6,285,815
      
6,175,254
  
                 
Effect of potential common share issuance:
                
Stock options
    
---
      
108,053
  
                 
Weighted average common shares outstanding
                
Diluted earnings per share
    
6,285,815
      
6,283,307
  
 
Stock options to purchase
284,730
shares of common stock were outstanding and
124,730
were exercisable at
December
31,
2016.
At
December
31,
2016
none
of the outstanding options were included in the diluted earnings per share calculation as their effect would have been anti-dilutive. At
December
31,
2015
all outstanding options were included in the diluted earnings per share calculation because the average market price was higher than the exercise price.