EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

7.   Earnings Per Share

Basic earnings per share are computed based on the weighted average number of shares of common stock outstanding during the year.  Diluted earnings per share take common stock equivalents (such as options and warrants) into consideration using the treasury stock method.  The Company distributed warrants as a dividend to stockholders as of the record date, March 23, 2012.  The dilutive effect of the warrants for the twelve months ended December 31, 2012 and 2011 is presented below.  The potential dilutive effect of the warrants was 7,983,175 shares as of December 31, 2012. The Company had no dilutive or potentially dilutive common stock equivalents outstanding during the year ended December 31, 2011.

	December 31,
	2012		2011
Net income	$	2,112,263	$	602,564
Weighted average common stock outstanding		8,006,959		8,015,878
Weighted average dilutive effect of stock warrants		445,470		-
Dilutive weighted average shares		8,452,429		8,015,878
Earnings per share:
Basic	$	0.26	$	0.08
Diluted	$	0.25	$	0.08