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Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2013
Summary of the Basic and Diluted Earnings Per Share

The following is a summary of the basic and diluted earnings per share for the three months ended March 31, 2013 and 2012:

 

 

 

 

 

Three Months Ended
March 31,

 

 

 

2013

2012

 

 

 

Basic earnings per share calculation:

 

 

Numerator: Net income             

$                            556,124             

$              541,739             

 

 

 

Denominator: Weighted average common shares outstanding             

              2,094,039             

              2,471,767             

Effect of dilutive stock options             

              83,892             

              28,094             

 

 

 

Diluted shares             

              2,177,931             

              2,499,861             

 

 

 

Basic earnings per share             

$              0.27             

$              0.22             

 

 

 

Diluted earnings per share             

$              0.26             

$              0.22