Basic And Diluted Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2011

Basic And Diluted Earnings (Loss) Per Common Share [Abstract]

Basic And Diluted Earnings (Loss) Per Common Share

NOTE 11 – BASIC AND DILUTED LOSS PER COMMON SHARE

The Company's basic loss per common share is computed by dividing net loss available to common shareholders (net loss less dividends declared and accretion of discount on preferred stock) by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock dividends and splits. The Company's diluted loss per common share is computed similar to basic loss per common share except that the numerator is equal to net loss and the denominator is increased to include the number of additional common shares that would have been outstanding if dilutive potential common shares had been issued. Included in the denominator is the dilutive effect of stock options computed under the treasury stock method and the dilutive effect of the U.S. Treasury Warrant as if converted to common stock.

The following summarizes the weighted average shares outstanding for computation of basic and diluted shares for the three months and nine months ended September 30, 2011 and 2010.

Three months ended September 30:	2011		2010
Weighted average number of common shares:
Average shares outstanding-basic		10,035,241		10,034,830
Average shares outstanding-diluted		10,035,241		10,034,830
Nine months ended September 30:	2011		2010
Weighted average number of common shares:
Average shares outstanding-basic		10,035,240		7,739,490
Average shares outstanding-diluted		10,035,240		7,739,490

As of September 30, 2011, and 2010, stock options of 76,760 and 90,603, respectively, were not included in the computation of diluted earnings per share, as well as the U.S. Treasury Warrant to purchase 109,039 shares of common stock, as their inclusion would have been anti-dilutive.