NOTE 10 - EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

NOTE 10 – EARNINGS PER SHARE

Basic earnings per share (“EPS”), which excludes dilution, is computed by dividing income or loss available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, result in the issuance of common stock which shares in the earnings of the Company. The treasury stock method has been applied to determine the dilutive effect of stock options in computing diluted EPS. Diluted EPS are not presented when a net loss occurs because the conversion of potential common stock is antidilutive. Earnings per share are retroactively adjusted for stock dividends and stock splits for all periods presented. Stock options for 254,785 and 133,497 shares of common stock were not considered in computing diluted earnings per common share for the three months ended March 31, 2012 and 2011, respectively, because they were anti-dilutive. The weighted average common shares outstanding used in the calculation of earnings per share totaled 6,833,752 and 6,832,492 for the period ending March 31, 2012 and 2011, respectively. There was no difference in the denominator used in the calculation of basic earnings per share and diluted earnings per share in 2012 and 2011.