EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2014

EARNINGS PER SHARE [Text Block]

NOTE 14 EARNINGS PER SHARE

The following table is a reconciliation of the net income and the weighted average shares used in the computation of basic and diluted earnings per share for the two years presented:

		For the Three Months						For the Six Months
		Ended June 30,						Ended June 30,
		2014			2013			2014			2013
Income available to common stockholders:
- Net income	$	6,795,722		$	5,962,809		$	10,029,296		$	9,377,493
Less: Preferred stock dividend		(41,573	)		(56,854	)		(88,249	)		(112,246	)
Income available to common stockholders (Basic)	$	6,754,149		$	5,905,955		$	9,941,047		$	9,265,247
Add: Preferred stock dividend		41,573			56,854			88,249			112,246
Income available to common shareholders (Diluted)		6,795,722			5,962,809			10, 029,296			9,377,493
Weighted average number of shares:
-Basic		16,858,667			15,863,826			16,758,599			15,863,826
- Effect of dilutive preferred stock		777,760			1,130,100			835,287			1,130,100
- Effect of dilutive restricted stock units		11,681			-			13,495			-
- Effect of dilutive options		46,162			-			50,090			-
-Diluted		17,694,270			16,993,926			17,657,471			16,993,926
Net income per share
-Basic	$	0.40		$	0.37		$	0.59		$	0.58
-Diluted	$	0.38		$	0.35		$	0.57		$	0.55

Diluted earnings per share is calculated by adjusting the weighted average number of common shares outstanding to assume the issuance of all dilutive potential common shares upon conversion.

The diluted earnings per share calculation for the six months ended June 30, 2014 did not include management options to purchase up to125,000 shares of common stock, respectively, because their effect was anti-dilutive.

The diluted earnings per share calculation for the three months ended June 30, 2014 did not include management options to purchase up to 125,000 shares of common stock, respectively, because their effect was anti-dilutive.