On your host computer (with printer connected), go to Control Panel -> Printers, right-click on the printer, and click "Sharing". Click "Share this Printer", and give it a name. Make sure your firewall is off, and the laptop firewalls are off.
On the laptops, go to Control Panel -> Printers, and click "Add a Printer" on the left pane. Click on "use a network printer", and "browse for a printer" on the next screen, and on the next screen after that, search for your printer on the network. It will give you a warning, just acccept the warning. Now the printer's are ready to use!