Note 4 - Income per Common Share and Potential Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Text Block]

4.Income per Common Share and Potential Common Share

Basic income per common share is computed by dividing net income by the weighted-average number of shares outstanding for the period.  Diluted income per common share reflects the potential dilution that would occur had all of the issued and outstanding shares of Class B common stock been exchanged for Income Deposit Securities (“IDSs”) at the beginning of the period.  On June 8, 2010, all of the Company’s issued and outstanding shares of Class B common stock were exchanged for IDSs on a one-for-one basis.  Each of the IDSs issued in the exchange includes a common share.  Diluted amounts are not included in the computation of diluted loss per common share when the inclusion of such amounts would be anti-dilutive.  The Company does not have any outstanding stock arrangements that might be potentially dilutive.

A reconciliation of the common shares for the Company’s basic and diluted income per common share calculation is as follows:

	Three Months Ended				Six Months Ended
	Three Months ended June 30,				Three Months ended June 30,
	2010		2011		2010		2011
Weighted average of common shares-basic		12,812,901		13,221,404		12,747,540		13,221,404
Effect of dilutive securities		408,503		-		473,864		-
Weighted-average common shares and potentialcommon shares-diluted		13,221,404		13,221,404		13,221,404		13,221,404
Net income available to common stockholders	$	417,276	$	1,283,277	$	31,620	$	1,287,929
Net income per basic share	$	0.03	$	0.10	$	-	$	0.10
Net income available to common stockholders	$	417,276	$	1,283,277	$	31,620	$	1,287,929
Less: Change in fair value of Class B derivative		-		-		-		-
Net income available for diluted shares	$	417,276	$	1,283,277	$	31,620	$	1,287,929
Net income per diluted share	$	0.03	$	0.10	$	-	$	0.10