Note 7- Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

7.        EARNINGS PER SHARE

Basic earnings per share is computed by dividing reported earnings available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing reported earnings available to common stockholders by the weighted average number of common shares outstanding after consideration of the dilutive effect, if any, of the Company’s outstanding common stock options and warrants using the treasury stock method.

	Three Months Ended March 31,
	2012		2011 (1)
Basic weighted average shares outstanding		19,302,603		969,357
Effect of dilutive securities		997,401		--
Diluted weighted average shares outstanding		20,300,004		969,357

(1) Retroactively restated to give effect to a 1-for-5 reverse stock split of the Company’s issued and outstanding shares of common stock that was effective May 3, 2011.

The calculation of diluted earnings per share for the three months ended March 31, 2012 and 2011 excluded the following antidilutive securities:

	Three Months Ended March 31,
	2012		2011
Stock options		151,500		2,046
Warrants		--		64,369