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Note 10 - Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Earnings Per Share [Text Block] |
NOTE 10: | EARNINGS PER SHARE
Basic earnings per share is computed by dividing net earnings available to common shareholders (the numerator) by the weighted average number of common shares outstanding (the denominator) for the period presented. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Basic weighted average common shares outstanding |  |  | 6,736,764 |  |  |  | 6,685,599 |  |  |  | 6,730,263 |  |  |  | 6,683,407 |
Dilutive effect of options and unvested restricted shares |  |  | 3,928 |  |  |  | 22,284 |  |  |  | - |  |  |  | 8,406 |
Diluted weighted average shares outstanding |  |  | 6,740,692 |  |  |  | 6,707,883 |  |  |  | 6,730,263 |  |  |  | 6,691,813 |
The following table represents weighted average stock options that were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2022 and 2021, because the effect of their inclusion would be anti-dilutive.
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Stock options |  |  | 652,109 |  |  |  | 716,216 |  |  |  | 615, 999 |  |  |  | 730,094 |
Restricted stock |  |  | - |  |  |  | - |  |  |  | 2,637 |  |  |  | - |
|  |  | 652,109 |  |  |  | 716,216 |  |  |  | 618,636 |  |  |  | 730,094 |
The dilutive potential common shares on options is calculated in accordance with the treasury stock method, which assumes that proceeds from the exercise of all options are used to repurchase common stock at market value and the amount of stock-based compensation cost attributed to future services and not yet recognized. The number of shares remaining after the proceeds and unrecognized compensation cost are exhausted represents the potential dilutive effect of the securities.

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