Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements

Net Income (Loss) Per Common Share

For the six months and three months ended June 30, 2011 there were 251,932 vested options with an exercise price below the average market price of the Company’s Common Stock during the period.

For the six months and three months ended June 30, 2010 there were 153,468 vested options with an exercise price below the average market price of the Company’s Common Stock during the period. For the six months and three months ended June 30, 2010 the inclusion of 39,178 shares of net Common Stock and 38,459 shares of net Common Stock, respectively, assumed to issued upon the exercise of such options in the computation of diluted earnings per share would have been anti-dilutive for both periods, and as a result, the weighted average number of shares of Common Stock used in the calculation of basic and diluted earnings per share of Common Stock have not been adjusted for the effects of such options.

The reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per common share for the six months ended June 30, 2011 follows:

Weighted average number of shares outstanding	3,838,386
Effect of dilutive securities, common share equivalents	82,903
Weighted average number of shares outstanding,
used for computing diluted earnings per share	3,921,289

The reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per common share for the three months ended June 30, 2011 follows:

Weighted average number of shares outstanding	3,838,386
Effect of dilutive securities, common share equivalents	80,377
Weighted average number of shares outstanding,
used for computing diluted earnings per share	3,918,763