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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2017
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE 3 – EARNINGS PER SHARE Basic earnings per share of common stock are computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated by including the average dilutive common stock equivalents outstanding during the periods. Dilutive common equivalent shares consist of stock options, calculated using the treasury stock method. Diluted earnings per share calculations were not required for the three- and nine-month periods ended September 30, 2017 and 2016, since there were no options outstanding.
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 411,000 |  | $ | 115,000 |  | $ | 1,064,000 |  | $ | 706,000 |
Weighted average common shares outstanding |  |  | 2,796,099 |  |  | 2,782,923 |  |  | 2,792,544 |  |  | 2,781,371 |
Basic net income per share |  | $ | 0.15 |  | $ | 0.04 |  | $ | 0.38 |  | $ | 0.25 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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