Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

4. Earnings Per Share

Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted earnings per share are calculated using the treasury stock method and includes the effect of all dilutive securities, including stock options, restricted stock and Class B common shares. For those periods in which the Company incurred a net loss, the inclusion of the potentially dilutive shares in the computation of diluted weighted average shares outstanding would have been anti-dilutive to the Company’s loss per share, and, accordingly, all potentially dilutive shares have been excluded from the computation of diluted weighted average shares outstanding in those periods.

On June 15, 2012, the Company effected a reverse stock split with respect to all outstanding shares of common stock and Class B common stock at a ratio of one-for-twenty. All share and per share information in these financial statements has been retroactively restated to reflect the effect of this reverse stock split.

For both the three and nine months ended September 30, 2012, 71,509 shares issuable upon the exercise of stock options were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. For the nine months ended September 30, 2011, 72,633 shares issuable upon the exercise of stock options were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. For the three months ended September 30, 2011, 73,883 shares issuable upon the exercise of stock options were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive because the exercise price was above the average share price for the period.

A summary of the reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2012			2011		2012			2011
Weighted average common shares outstanding – basic		5,224,257			5,119,751		5,177,569			4,601,912
Potentially dilutive common stock equivalents
Class B common shares		869,301			946,098		908,970			897,647
Stock options		-			-		-			1,250
Restricted stock		146,761			85,691		132,519			63,532
		1,016,062			1,031,789		1,041,489			962,429
		6,240,319			6,151,540		6,219,058			5,564,341
Less anti-dilutive common stock equivalents		(1,016,062	)		-		(1,041,489	)		(962,429	)
Weighted average common shares outstanding – diluted		5,224,257			6,151,540		5,177,569			4,601,912